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Aayush Jindal

Key Highlights

  • GBP/USD gained pace for a move above the 1.2800 resistance.
  • A major bullish trend line is forming with support at 1.2750 on the 4-hour chart.
  • Gold prices are gaining pace above the $2,350 resistance zone.
  • EUR/USD is aiming for a move toward the 1.0950 level.

GBP/USD Technical Analysis

The British Pound remained in a positive zone above the 1.2650 support level against the US Dollar. GBP/USD gained pace for a move above 1.2720 and 1.2750.

Looking at the 4-hour chart, the pair started a consolidation phase above the 1.2750 level. There is also a major bullish trend line forming with support at 1.2750. The main support seems to be forming near the 1.2720 level and the 100 simple moving average (red, 4-hour).

A downside break and close below the 1.2720 support zone could open the doors for a larger decline. In the stated case, the pair could decline toward the 1.2650 level.

On the upside, immediate resistance is near the 1.2820 zone. The first major resistance is near the 1.2850 level. A clear move above the 1.2850 resistance might send it toward the 1.2920 level. Any more gains might call for a move toward the 1.3000 level in the near term.

Looking at EUR/USD, the pair is showing positive signs, and the bulls might soon aim for a move toward the 1.0950 level in the near term.

Economic Releases

  • US Initial Jobless Claims - Forecast 220K, versus 219K previous.
  • ECB Interest Rate Decision - Forecast 3.75%, versus 4.0% previous.