GBPUSD Technical Analysis: Understanding Support and Resistance Trends
Tuesday, 20 August 2024, 07:18
GBPUSD Breaks Key Resistance Levels
The GBPUSD pair has recently surged above the 1.3000 mark, marking a significant shift in market dynamics.
Current Technical Indicators
Daily studies indicate strong positive momentum with moving averages suggesting bullish conditions. This further confirms that bulls may continue to exert pressure on the market.
Key Support and Resistance Levels
- Immediate support at 1.2950
- Resistance found at July peak of 1.3044
- A break above 1.3044 could lead to further upside towards 1.3100 and beyond.
Traders should closely monitor these levels as they are pivotal for determining the next trend direction.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.