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The British pound has successfully maintained its upward trajectory against the US dollar, aligning with our previous bullish forecast. The currency pair reached its initial target of 1.2750 and even touched a high of 1.2784.
Technical Analysis Supports Further Upside Potential
A close examination of the 4-hour chart reveals continued bullish momentum. The price remains firmly above the 50-day simple moving average, which supports the ongoing uptrend. Additionally, the 14-day Momentum indicator continues to provide positive signals, further bolstering the bullish outlook.
Upward Targets and Potential Extension of Gains
As long as intraday trading remains above 1.2750, the upward trend is expected to persist, with a target of 1.2800. A decisive break above this level could significantly accelerate the daily upward trend, paving the way for potential gains towards 1.2840 and possibly even 1.2880, unless trading dips below 1.2750.
Important Note: Today’s release of the US Consumer Confidence Index could introduce significant volatility into the market. Traders should exercise caution and be prepared for potential price fluctuations around the news release.
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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