Home Forex News GBP/USD Gains Intraday Momentum and Retains Strong Support

GBP/USD Gains Intraday Momentum and Retains Strong Support

GBP/USD reverses the intraday trend and crosses above 61.80% Fib retracement level as the price spikes steeply, and the pair trades at 1.22683, at the press time. Pound, in the previous week, rose from the 7-day low price of 1.20853 and rose to a 7-day high price at 1.229. With an intermittent dip, the candlewick of the GBP/USD price trend slightly slid below 38.20% Fib Retracement level.

GBP/USD Price Chart

With a dull start to the week, yesterday, the price of Pound slid below 1.2165 against the US Dollar. As the pair gained the traction today, the price spiked from 1.220 and regained the lost 50-day and 200-day MA support on the intraday chart.

For the current trading price, the major support lies at 1.216, which is 38.20% Fib Retracement level, while on the other end, the price is already approaching the double top in a period of 7 days at 1.229, while currently, it is at 1.226. However, if the GBP/USD continues to keep strengthening during the trading session, today, it is likely to retest 7-day high. Additionally, as per the current economic crash, Pound is expected to face a tough resistance around 1.2300 to have a persistent trade above it.

The technicals appear bullish due to intraday gain of traction, and the MACD line crosses above the signal line, and the RSI lies at 82.82 and is hitting the overbought region.

Robert Hill
Robert Hill
Robert a Crypto writer and an expert in delivering content with both informative and entertaining approaches. He has 4 years of experience working as a crypto writer with our team. You can interact with him by email: robert@forexnews.world.

Must Read

Is Zcash Still a Better Option Than Monero and Dash?

Transaction data of most cryptocurrencies like Bitcoin are distributed on a public ledger that anyone can view. It is the rising concern over the...

Coinbase App vs. Coinbase Wallet App – A Comparative Study

Coinbase is one of the leading cryptocurrency exchanges globally and is a decentralized exchange platform for Bitcoin and various other top cryptocurrencies. Some has...

Litecoin Mining: Know About How to Guide

Introduction: How to mine Litecoin Litecoin (LTC) is one of the earliest digital currencies designed by former Google engineer Charlie Lee in October 2011. Litecoin...

Understanding Crypto Trading: A Guide for Newbies

With 24 hours trading volumes that average around $50 billion or even more and cross over $100 billion, the cryptocurrency market has grown significantly...

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to...