Pound Rises Against Dollar, Eyes Key Levels
Solid ECN – The British pound is on an upward trajectory against the U.S. Dollar, with the exchange rate hovering around 1.2600. The Relative Strength Index (RSI) is poised to enter the overbought zone, suggesting that the pair might soon test the 61.8% Fibonacci retracement level before potentially launching on another bullish wave.
Furthermore, the 61.8% level, or the 1.2668 support, presents a favorable opportunity for traders to place bids in the GBPUSD bullish market. Should the 61.8% level hold, the next target for buyers could be the February high, around the 1.277 resistance mark.
Conversely, a failure to maintain levels above 1.2668 could result in the price descending to test the 50% Fibonacci support. This shift would signify a notable change in market sentiment, potentially leading to reevaluating the current bullish trend.