GBP continues its climb 9/5/2023

Trading tended to be positive, dominating the movements of the British pound against the US dollar as part of the pair’s maintenance of positive stability. It approached a few points from the required target during the previous technical report 1.2680, recording its highest level at 1.2670.

On the technical side, the pair’s movements witnessed some limited bearish inclinations due to the nature of approaching the resistance represented in the target 1.2680. However, upon closer look at the 240-minute chart, we find that the pair regularly works within the ascending channel, and we find the 50-day simple moving average supporting the daily bullish price curve.

Therefore, with the stability of daily trading above the strong support floor 1.2580, the bullish bias is more likely, targeting 1.2660 & 1.2700 as next expected stations and the gains may extend towards 1.2730.

Closing the hourly candlestick below 1.2580 could put the pound/dollar pair under negative pressure, with a target of 1.2520.

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: 1.2590	R1: 1.2660
S2: 1.2560	R2: 1.2700
S3: 1.2520	R3: 1.2735