GBP/USD currency pair analysis


The pound against the dollar rose strongly and managed to break several resistance levels and reached the 1.2260 resistance before correcting downward and testing the 1.2175 level as a support level. Affected by the negativity of the stochastic oscillator.

While the moving averages constitute a positive pressure factor.

Keeping trading above the support level 1.2175 is necessary to continue the bullish path and try to break the 1.2260 level and start a solid upward movement. Targeting the level of 1.2340 as a first target.

The expected trading range for today is between support 1.2000 and resistance 1.2100.

Support: 1.2170—1.2100—1.2050.

Resistance: 1.2200—1.2260—1.2300.

The forecast trend for today: bullish.

Author: GC
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