Technical Analysis: Bullish Signs for GBP/USD Momentum
Updated
GBP/USD has accumulated upward momentum and extended its daily recovery levels to 1.2450 in the latter half of the day. The US dollar faced strong selling pressure after PMI data came in weaker than expected, further fueling the upward momentum of this currency pair. Improved risk sentiment has made it difficult for the US dollar (USD) to outperform its counterparts and helped GBP/USD break free from multi-month lows.
From a technical perspective, the fact that the price is trading above simple moving averages like the SMA 20 and SMA 50 creates positive signals indicating stability in the upward trend of GBP/USD in the near future. The Relative Strength Index (RSI) is also nearing the 60 level, indicating the strength of the current upward momentum and the potential for further gains in the short term.
From a technical perspective, the fact that the price is trading above simple moving averages like the SMA 20 and SMA 50 creates positive signals indicating stability in the upward trend of GBP/USD in the near future. The Relative Strength Index (RSI) is also nearing the 60 level, indicating the strength of the current upward momentum and the potential for further gains in the short term.
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