GBP/USD Recovery Tests Potential Resistance Level
Chart Analysis:
GBP/USD has rebounded strongly, approaching the critical resistance at 1.2500, a level that has served as support-turned-resistance in prior sessions.
1️⃣ Key Resistance Level:
The horizontal level at 1.2500 is a key inflection point, with a breakout above it potentially signaling further upside momentum.
Rejection at this level may see the pair revert lower toward support near 1.2400.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2523, aligning with the resistance zone, increasing its significance.
200-day SMA (red): Trending downward at 1.2790, reflecting the longer-term bearish bias.
3️⃣ Momentum Indicators:
RSI: Recovering to 54.67, showing improving bullish momentum but still below overbought territory.
MACD: Shows a bullish crossover, suggesting upward momentum may continue in the near term.
What to Watch:
A daily close above 1.2500 would reinforce bullish sentiment and open the path toward higher resistance levels.
A rejection at 1.2500 could lead to renewed selling pressure and a potential test of recent lows.
Monitor momentum indicators for confirmation of either a breakout or a reversal.
GBP/USD is at a critical juncture, with 1.2500 acting as the line in the sand for the next directional move.
-MW
GBP/USD has rebounded strongly, approaching the critical resistance at 1.2500, a level that has served as support-turned-resistance in prior sessions.
1️⃣ Key Resistance Level:
The horizontal level at 1.2500 is a key inflection point, with a breakout above it potentially signaling further upside momentum.
Rejection at this level may see the pair revert lower toward support near 1.2400.
2️⃣ Moving Averages:
50-day SMA (blue): Positioned at 1.2523, aligning with the resistance zone, increasing its significance.
200-day SMA (red): Trending downward at 1.2790, reflecting the longer-term bearish bias.
3️⃣ Momentum Indicators:
RSI: Recovering to 54.67, showing improving bullish momentum but still below overbought territory.
MACD: Shows a bullish crossover, suggesting upward momentum may continue in the near term.
What to Watch:
A daily close above 1.2500 would reinforce bullish sentiment and open the path toward higher resistance levels.
A rejection at 1.2500 could lead to renewed selling pressure and a potential test of recent lows.
Monitor momentum indicators for confirmation of either a breakout or a reversal.
GBP/USD is at a critical juncture, with 1.2500 acting as the line in the sand for the next directional move.
-MW
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