Our pivot point stands at 1.2546.
Our preference: the upside prevails as long as 1.2546 is support.
Alternative scenario: the downside breakout of 1.2546 would call for 1.2514 and 1.2495.
Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.2526 and 1.2511). Finally, the GBP/USD is trading above its upper Bollinger band (standing at 1.2577).
Supports and resistances:
1.2688 **
1.2669 *
1.2650 **
1.2631
1.2586 last
1.2559
1.2546 **
1.2514 *
1.2495 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
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Written on 12-20-2024 at 18:07 UTC+1
Price reference: 1.2586 last known on 12-20-2024 at 18:07 UTC+1
Investment horizon: INTRADAY
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