09:24, 15 February
GBPUSD Daily Analysis
The GBPUSD pair traded higher for the third consecutive session yesterday and closed at 1.3999, after hitting a high at 1.4017. Currently, the daily MACD and RSI indicators are tranquil above their centrelines, hinting the presence of bullish momentum in the pair. In addition, the 8H MACD and RSI indicators are trading with an upside bias, further supporting the above outlook. Important resistance is positioned at the 2H 200SMA (currently placed at 1.4041/45), followed by the 1.4080 and 1.4115 levels. A sustained break above the latter might lead to further bullish momentum in the pair. However, 2H RSI & stochastic indicators are showing loss of upward potential, suggesting at likely correction over intraday basis. Key support is positioned at the 1.3978/75 level, followed by the 1.3941/40 and 1.3901/1.3900 levels. A move back below the latter might reverse the main trend to bearish.