GBP/USD Forecast: Third Time’s A Charm? Why A New Attack On 1.37 Might Succeed

All in all, the GBP/USD has room to rise despite fresh dollar strength. 

GBP/USD Technical Analysis

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Pound/dollar continues trading in a broad upward channel. Zooming in, momentum on the four-hour chart remains to the upside and the currency pair trades above the 50, 100 and 200 Simple Moving Averages – all bullish signs. Moreover, the slide earlier in the week pushed the Relative Strength Index away from 70, further away from overbought conditions.

Soft resistance awaits at 1.3670, which was a swing high last week. Critical resistance is at 1.3705 – the multi-year peak attacked twice in 2021. Further above, 1.3730 and 1.3830 await cable.

Cable has support at 1.3615, the daily low. It is followed by 1.3545, a cushion from last week, followed by 1.3450.

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Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk ...

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