GBP/USD Bullish Momentum: Key Levels to Watch
Solid ECN – The GBP/USD daily chart reveals a recent uptrend within a well-defined ascending channel, indicating bullish momentum. Currently, the price is testing a key resistance level (1.27), which will be critical in determining the next direction.
RSI (14)
The Relative Strength Index (RSI) is at 64.99, suggesting bullish momentum. Although it is approaching overbought territory, it still has room to rise before a potential reversal.
Awesome Oscillator (AO)
The Awesome Oscillator shows increasing green bars, indicating strengthening bullish momentum. This positive momentum supports the potential for further upward movement.
Resistance Levels
1.270: The immediate resistance level, which the price is currently testing.
1.280: Next significant resistance level.
Support Levels
1.264: Immediate support level within the ascending channel.
1.259: Lower boundary of the ascending channel and a previous support level.
Bullish Scenario
If the pair breaks above the immediate resistance at 1.270, the next target would be the resistance 1.280. Sustained bullish momentum could see the pair aiming for 1.28 and potentially higher levels towards 1.289. The ascending channel supports this outlook, indicating the trend may continue upward if the price remains within the channel.
Bearish Scenario
If the pair fails to break the resistance at 1.2708 and falls below the immediate support at 1.264, we could see a decline towards the lower boundary of the ascending channel at 1.259. A breakdown below this level could target further support of around 1.2400.