The British Pound against the Dollar (GBPUSD) retreated in its intraday trading due to the firm key resistance at 1.2985, as the pair rushed to lock in profits from its recent gains. It is also trying to shed some of its obvious bullish overbought condition indicated by the RSI—especially as a negative crossover begins to form—to consolidate positive momentum that might help it break through this resistance. This occurs amid the dominance of the primary uptrend and trading along both primary and secondary trendlines, in addition to continuous trading above its 50-day simple moving average, which provides further positive pressure.
Therefore, our forecast is for the pair to rise in the upcoming sessions, particularly if it manages to break the aforementioned resistance at 1.2985, and then immediately target the first resistance level at 1.3050. This bullish scenario remains valid as long as the support at 1.2900 holds.
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