Bullish Outlook: GBP USD's Potential to Overcome Resistance
Solid ECN – The pound sterling is stabilizing at around 1.267 against the U.S. dollar, above the 50 EMA but slightly below the 61.8% Fibonacci resistance. The GBPUSD daily chart shows that the pair has traded sideways since mid-November 2023.
While the technical indicators don't provide anything significant, from a technical standpoint, the primary trend is bullish. As long as the pair trades above the ascending trendline, depicted in blue, we expect the market to surpass the 1.270 barrier and aim for the 78.6% Fibonacci resistance.
Conversely, the bearish channel will remain valid if the price falls below the ascending trendline. In this scenario, the next target for the sellers would be the 38.2% Fibonacci level.
Solid ECN – The pound sterling is stabilizing at around 1.267 against the U.S. dollar, above the 50 EMA but slightly below the 61.8% Fibonacci resistance. The GBPUSD daily chart shows that the pair has traded sideways since mid-November 2023.
While the technical indicators don't provide anything significant, from a technical standpoint, the primary trend is bullish. As long as the pair trades above the ascending trendline, depicted in blue, we expect the market to surpass the 1.270 barrier and aim for the 78.6% Fibonacci resistance.
Conversely, the bearish channel will remain valid if the price falls below the ascending trendline. In this scenario, the next target for the sellers would be the 38.2% Fibonacci level.