GBP/USD Testing Key 1.2860 Level
Looking at the daily chart, GBP/USD is testing a key resistance level near 1.2860. This level capped rallies in Cable in March and June, and as of writing, is serving as an area of selling pressure in today’s trade.
From a broader view, GBP/USD remains in a long-term uptrend with the exchange rate above both the 200- and 50-day MAs, which are themselves trending higher.
Traders may therefore view any near-term dips toward the 50-day MA near 1.2800 as buying opportunities. Ultimately, a break above the 1.2860 level could open the door for a continuation toward the 1.30 handle.
-MW
From a broader view, GBP/USD remains in a long-term uptrend with the exchange rate above both the 200- and 50-day MAs, which are themselves trending higher.
Traders may therefore view any near-term dips toward the 50-day MA near 1.2800 as buying opportunities. Ultimately, a break above the 1.2860 level could open the door for a continuation toward the 1.30 handle.
-MW
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