Noor Trends News, Technical Analysis, Educational Tools and Recommendations
GBP/USD gains 0.59%, trading at 1.3394 after rebounding from a daily low of 1.3312. Break above 1.3400 could push the pair towards the YTD high of 1.3437 and further resistance at 1.3500. Failure to reclaim 1.3400 may lead to testing the September 25 low of 1.3312.
The Pound Sterling climbs over 0.59% against the US dollar, boosted by an improvement in risk appetite, sponsored by China’s stimulus to its economy and increasing odds for a ‘soft landing’ in the US after revealing robust economic data. The GBP/USD trades at 1.3394 after bouncing off daily lows of 1.3312.
The GBP/USD resumed its uptrend after diving below the top trendline of an ascending channel, which, in the short term, was a sign of sellers’ strength. However, bulls emerged around the week’s lows and lifted the exchange rate. Still, it remains shy of the crucial 1.3400 figure, today’s high.
If GBP/USD reclaims 1.3400, the next resistance will be the 1.3429-1.3437 area, the confluence of the current year-to-date (YTD) high and March 1, 2022 daily high, followed by 1.3450. On further strength, 1.3500 will emerge as the next key resistance level.
Conversely, GBP/USD failure at 1.3400 will sponsor a test of the September 25 daily low of 1.3312. A decisive break will expose the August 27 high turned support at 1.3266, followed by the September 23 low of 1.3248.
