- GBP/USD bulls look for a break towards 1.2660.
- Bears need to get below 1.2570.
He GBP/USD It is trading in a tighter range of around 50 points on Thursday, having hit an 11-month high the day before after the Federal Reserve raised rates but signaled the end of its tightening cycle was in sight. However, the technical data remains bullish while it is ahead of the weekly trailing support line, as illustrated below:
week chart
We do have resistance at 1.2600 for the bulls to break, which will lead the way towards 1.2660. There are prospects for a strong move higher from there, making 1.2650 potentially stubborn resistance.
4 hour chart
The 4 hour time frame is compelling. The break of the support of the trend line will be key and the 1.2570 is key in this regard. A break of 1.2550 opens the risk of a lower move in the coming days. Non-Farm Payrolls will be a critical event on Friday and next week’s opening balance could be what counts, setting the tone for the week ahead after NFP volatility.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
