GBP/USD Technical Analysis: Weekly Chart Reveals Key Insights
GBP/USD TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, GBP/USD is trading in up channel.
GBP/USD is currently trading above all SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting no trend.
Its immediate support is at 1.23254 & the resistance is at 1.24858
GBP/USD is consistently trading in an upward channel and creating higher high structures on the weekly chart. Price is currently moving upward and has formed a bullish engulfing. If the resistance zone, where the price is now trading, is broken, further gain is expected.
GBP/USD TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, GBP/USD is trading in up channel.
GBP/USD is currently trading above all SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting up trend.
Its immediate support is at 1.24408 & the resistance is at 1.25295
The GBP/USD is attempting to climb upward on the daily chart after having retraced to the downside. The price is currently trading at a resistance zone and has broken its previous day’s high. If this zone is broken, further gain is expected.
TRADE SUGGESTION: – BUY AT 1.24812, TAKE PROFIT AT 1.25345, SL AT, 1.24425