The Price of GBP/USD Is Targeting Zones Above 1.23400, Gold Likely To Regain Massively
- The GBP/USD exchange rate is trending upward above 1.2220.
- In the 4-hours chart, a converging bullish trend line is developing with support at 1.2240.
- Above the 1.0720 support area, EUR/USD is solidly maintained.
- If USD/JPY clears the 132.00 resistance, it might try to launch a comeback wave.
Technical Analysis of EUR/USD
In relation to the US dollar, the British pound accelerated above the 1.2050 obstacle. The GBP/USD pair broke through the 1.2150 level and settled in the green.
The pair even stabilized above the 1.2200 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average, as shown on the 4-hours chart. Before a downward drop, it was trading near 1.2350.
The pair continued to trade in a positive area while testing the 1.2200 support area. It is currently climbing, although there is immediate resistance close to 1.2320.
At 1.2350 is where the first significant resistance is located. The next significant barrier is located close to 1.2400. The pair may go toward the 1.2500 region if there is a clear move above the 1.2400 resistance. The pair might move toward 1.2580 or even 1.2700 with any additional gains.
Near the 1.2220 level, there is an immediate support on the downside. Below this level, there is a danger of a move toward the 100 simple moving average, where the next significant support is located close to the 1.2200 level. Any additional losses could pave the way for a decline in price toward the level of 1.1920.
If GBP/USD continues to advance, the EUR/USD pair, which has maintained above the 1.0720 support level, may try to increase again.
Economic News To Trade Today
- President Lagarde of the European Central Bank speech by 2:00PM GMT+1
- Consumer confidence by 3:00PM GMT+ 1
Author: Amogo Solomon
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