FxNews—GBP/USD trades in a mild bull market, above the 75-period simple moving average. Today, the pair’s value exceeded the $1.273 critical resistance amid the overbought signal, hinted by the Stochastic Oscillator.
GBPUSD Technical Analysis
Please be aware that joining a bull market when it is saturated with buyers is not advisable. Therefore, we expected the GBP/USD price to consolidate before the downtrend resumes.
The immediate support is at $1.271. A bearish wave will likely form if the GBP/USD falls below this level. In this scenario, the currency pair can potentially decline toward the $1.265 support, backed by the 75-period SMA.
On the other hand, the current uptick momentum can extend to upper resistance areas of GBP/USD bulls’ close and stabilize above the immediate resistance of $1.276. If this scenario unfolds, the next bullish target could be $1.285.
