09:18, 31 January
GBPUSD Daily Analysis
The GBPUSD pair traded with a bullish tone in the last session to end at 1.4147, after hitting a high at 1.4167. As of now, the daily MACD and RSI indicators are placed at a higher level above their midlines, hinting the presence of bullish momentum in the pair. Moreover, a signal line crossover from below by the 4H MACD, accompanied by the 8H RSI and stochastic indicators sharply heading north, further confirms the above outlook. Important resistance is positioned at the 1.4227/30 level, followed by the 1.4262/65 and 1.4297/1.4300 levels. A break above the latter might trigger further acceleration to the upside. On the other hand, key technical support is situated at the 1.4160 level, followed by the 4H 20SMA (currently trading at 1.4131/30) and the 2H lower Bollinger band (currently placed at 1.4004/4000). A breach below the latter might lead to negative momentum in the pair.