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The British pound (GBP) demonstrated significant gains against the US dollar (USD) in the previous trading session, reaching our target of 1.2870 and exceeding it to reach a high of 1.2950. This confirms the bullish trend we anticipated in our previous analysis.
Technical Outlook:
The technical outlook remains strongly bullish. On the 4-hour chart, the simple moving averages (SMAs) are providing continued support for the upward price movement. Additionally, the Stochastic oscillator is attempting to shake off recent negative divergence, suggesting a potential continuation of the bullish momentum.
Upward Potential:
With the price holding above the 1.2855 support level, we expect the upward trend to persist. Our revised target is now 1.2960, and a break above this level could accelerate the rally towards 1.3000.
Downside Risks:
Traders should remain cautious, however, as a break below 1.2855 could trigger a temporary correction and invalidate the bullish scenario.
Key Levels:
- Support: 1.2855
- Resistance: 1.2960, 1.3000
Important Note:
The release of high-impact U.S. economic data today, including monthly producer prices and consumer confidence data, could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to these data releases.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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