GBPUSD has recorded a near-term 6-week high before falling below yesterday’s close in today’s trading so far.
Technical indicators indicate a continuation of the short-term uptrend momentum. The MACD histogram has recently turned positive and the RSI is in bullish territory at 57, although not far away from the neutral 50 level, perhaps indicating that the short-term bullish signal is not that strong.
On the downside, the 50-day moving average (MA) at 1.24 is expected to act as support. Should it be breached, the 1.21 key-level which recently served as support numerous times would come into view. Further downside movement will bring into scope the January 16 32-year low of 1.1986.
On the upside, prices are currently far below the 200-day MA at 1.3141. An immediate resistance area would be the one around the 1.2575 point. This area recently provided both support and resistance. Should prices break above that area, the 1.2750 mark will come into view an another key resistance point.
