GWFX Global: GBP/USD might turn into bullish in the coming days.
GBP/USD continues to trade with softer tones in the Asian market window as investor sentiment remains apprehensive leading into Friday's London opening bell.
The GBP/USD pair trades above the daily ascendant trend line coming from November monthly high, but still below its weekly high of 1.2839, with a modestly positive tone in the 4 hours chart, as it has also advanced above its 20 SMA. The Momentum continues hovering around its mid-line, while the RSI stabilized around 57 indicating that buying interest is not strong enough at the time being. Beyond the mentioned weekly high, the next strong static resistance comes at 1.2880, the 61.8% retracement of 2016/18 rally.
Support levels: 1.2730 1.2695 1.2660
Resistance levels: 1.2805 1.2840 1.2880
The GBP/USD pair trades above the daily ascendant trend line coming from November monthly high, but still below its weekly high of 1.2839, with a modestly positive tone in the 4 hours chart, as it has also advanced above its 20 SMA. The Momentum continues hovering around its mid-line, while the RSI stabilized around 57 indicating that buying interest is not strong enough at the time being. Beyond the mentioned weekly high, the next strong static resistance comes at 1.2880, the 61.8% retracement of 2016/18 rally.
Support levels: 1.2730 1.2695 1.2660
Resistance levels: 1.2805 1.2840 1.2880