The GBP/USD pair showed consolidation around the 1.2750 mark during the Asian session on Wednesday. Analysis of the daily chart reveals the pair’s adherence to an ascending channel pattern, with the 14-day Relative Strength Index (RSI) indicating a bullish tilt by holding above the 50 level.
Additionally, the Moving Average Convergence Divergence (MACD) momentum indicator corroborates the bullish trajectory. With the MACD line positioned above the centerline and diverging positively from the signal line, indications point towards continued upward movement.
As traders eye potential obstacles, the psychological resistance at 1.2800 emerges as a notable barrier. A successful breach of this level could fuel upward momentum, directing the GBP/USD pair towards a test of the upper boundary near 1.3000.
Conversely, on the downside, initial support is identified at the 21-day Exponential Moving Average (EMA) at 1.2715. Further support is situated at the lower boundary of the ascending channel around 1.2700. Should downward pressure persist, a breach of this level may lead to additional challenges, potentially testing the region near the throwback support at 1.2450.
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