The GBP/USD rally shows signs of fatigue near the major resistance in 1,3430–1,3500, with the impulse fading and the key support in 1,3230 now under close surveillance, the FX analysts of Société Générale say.
The impulse fades as the MACD turns down
“The GBP/USD bullish movement has stagnated in the peak last year and the upper limit of an upward channel drawn from 2023 about 1,3430/1,3500. The Daily MacD has fallen below its activation line, highlighting the recoil of the upward impulse. A brief pause is formed after this test.”
“The recent pivotant of 1,3230 is likely to be an important support. If it breaks, the GBP/USD could embark on a deeper downward movement towards the maximum of March in 1,3070/1,3010. Overcoming 1,3500 would be crucial to confirm a broader upward trend.”
Source: Fx Street
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