GBPUSD: Continues to support upward price momentum
Hello dear friends!
Today, GBPUSD continues to achieve victories in maintaining its upward trend. Currently, this currency pair is trading around the 1.238 level and has increased by 0.06% during the day.
Regarding the news impacting the price increase of this currency pair: The USD Index (DXY), which tracks the greenback against a basket of currencies, rebounded from a six-week low reached on Friday after a slight increase in US treasury yields, acting as a resistance for the GBP/USD pair. However, any meaningful recovery of the USD seems difficult to grasp given the increasing expectations that the Federal Reserve may keep interest rates stable at its December meeting.
In terms of technical analysis on the 1D chart: GBPUSD has just surpassed the resistance level at 1.23 and turned it into a new support level along with the previous support area at 1.200, which is the main driving force pushing this currency pair towards the 1.250 region and potentially reaching the expected upward trendline.
Today, GBPUSD continues to achieve victories in maintaining its upward trend. Currently, this currency pair is trading around the 1.238 level and has increased by 0.06% during the day.
Regarding the news impacting the price increase of this currency pair: The USD Index (DXY), which tracks the greenback against a basket of currencies, rebounded from a six-week low reached on Friday after a slight increase in US treasury yields, acting as a resistance for the GBP/USD pair. However, any meaningful recovery of the USD seems difficult to grasp given the increasing expectations that the Federal Reserve may keep interest rates stable at its December meeting.
In terms of technical analysis on the 1D chart: GBPUSD has just surpassed the resistance level at 1.23 and turned it into a new support level along with the previous support area at 1.200, which is the main driving force pushing this currency pair towards the 1.250 region and potentially reaching the expected upward trendline.
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