GBPUSD has been trading in an upward sloping channel over the last seven weeks, trying to surpass the 1.3180 resistance level.
Technically, the price is still holding above the bullish crossover within the 20- and 40-day simple moving averages (SMAs) as well as beyond the Ichimoku cloud. The RSI indicator is standing in the positive territory and it looks ready to move towards the overbought area. However, the MACD oscillator is ticking marginally up above its trigger and zero lines.
A step above the 1.3180 barrier could take the bulls until the eight-and-a-half-month high of 1.3487, registered on September 1. More advances could open the way for a climb above the 1.3600 handle, touching the obstacle at 1.3605, achieved in May 2018, endorsing the long-term positive picture.
Alternatively, a decrease beneath the 1.3000 psychological level, being the 23.6% Fibonacci retracement level of the up leg from 1.1409 to 1.3487 and the SMAs, could lead the price to reach the 1.2855 support. Further losses could move the pair until the 38.2% Fibonacci of 1.2693 and the 50.0% Fibonacci of 1.2448, shifting the bullish outlook to neutral.
In brief, GBPUSD has been in a positive outlook in the short- and long-term timeframes and any rises above 1.3487 could approve the current view.
Origin: XM
