GBP continues to rise gradually 30/5/2022

The current movements of the British pound are witnessing a bullish tendency to the upside, benefiting from the intraday stability above the psychological support level of 1.2600, recording a high of 1.2650.

Technically, we tend to the positivity, relying on the intraday breach of the 1.2600 resistance-into-support, in addition to the price stability above the 50-day simple moving average, which continues to hold the price from below to the clear positive signs on the 14-day momentum indicator.

From here, the bullish scenario remains the most likely, heading to visit the second target published at the end of last week’s trading around 1.2675, knowing that rising above the mentioned level extends the pair’s gains, so we are waiting for touching 1.2730 next station as long as the price is stable above 1.2585.

The return of trading stability of 1.2585 puts the price under negative pressure to retest 1.2510 before determining the price destination.

Note: There may be random moves due to lower trading volumes

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.2585	R1: 1.2675
S2: 1.2510	R2: 1.2710
S3: 1.2465	R3: 1.2760