- GBP / USD rises above 1.3350 as it justifies the formation of a bullish pattern the day before.
- The MACD signals and the sustained move above the 10-day SMA are also favoring buyers.
GBP / USD climbed above the 1.3350 level during the Asian session on Tuesday. The pair registers a U-turn from the 10-day SMA the day before. In doing so, he drew a bullish inverted hammer candlestick pattern on the daily chart.
Not only the candle suggests a bullish move, but also the bullish MACD and the ability of the pair to stay above the 10-day SMA, also directing GBP / USD buyers towards the November high near 1.3400.
Although the yearly high near 1.3485 will be next on the bulls’ radars after breaking the round level of 1.3400, the December 2019 peak near 1.3510 will be the key hurdle to watch out for.
On the other hand, a downside breakout of the 10-day SMA, now at 1.3323, needs validation of Friday’s low of 1.3293 to allow further declines towards the low of previous pullbacks, marked during November 11-12. , around 1.3110.
GBP / USD daily chart
GBP / USD technical levels
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