GBP/USD Price Analysis: Holds position above 1.2900; next support at 14-day EMA
GBP/USD breaks its two-day losses, trading around 1.2920 in Monday’s Asian session. The analysis of the daily chart shows the pair lies within an ascending channel, signaling a bullish trend in the pair’s price movements.
Moreover, the Moving Average Convergence Divergence (MACD), a momentum indicator, reflects short-term bullish momentum, with the MACD line above the centerline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) sits above the 50 level, confirming the bullish trend. Read more…
GBP/USD sticks to modest recovery gains above 1.2900, lacks bullish conviction
The GBP/USD pair attracts some buyers during the Asian session on Monday and for now, seems to have stalled its corrective slide from the 1.3045 area, or a one-year peak touched last week. Spot prices currently trade around the 1.2930 region, up over 0.10% for the day, though remain close to a one-week low set last Friday.
The US Dollar (USD) kicks off the new week on a weaker note in reaction to the US political development over the weekend and turns out to be a key factor lending some support to the GBP/USD pair. Following a long week of political turmoil, US President Joe Biden stepped down from the 2024 Presidential election. This, in turn, increases the chances of Donald Trump becoming the next US President, which, along with bets that the Federal Reserve (Fed) will cut interest rates in September, boosts investors’ appetite for riskier assets and undermines the safe-haven Greenback. Read more…
