Our pivot point is at 1.2358.
Our preference: the upside prevails as long as 1.2358 is support.
Alternative scenario: the downside breakout of 1.2358 would call for 1.2318 and 1.2294.
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 trading above both its 20 and 50 period moving average (respectively at 1.2334 and 1.2338). Finally, the GBP/USD has crossed above its upper Bollinger band (1.2415).
Supports and resistances:
1.2556 **
1.2532 *
1.2508 **
1.2484
1.2417 last
1.2373
1.2358 **
1.2318 *
1.2294 **
Head of Research at TRADING CENTRAL: Rémy GAUSSENS
TRADING CENTRAL is governed by the Code of Conduct of ANACOFI-CIF, an association approved by the Autorité des Marchés Financiers and registered with ORIAS under number 17005458.
Written on 02-03-2025 at 17:44 UTC+1
Price reference: 1.2417 last known on 02-03-2025 at 17:44 UTC+1
Investment horizon: INTRADAY
TRADING CENTRAL recommends reading the legal and regulatory information as well as the warnings concerning the information provided accessible from the following link : https://global.tradingcentral.com/www/pdf/terms_of_use_web_sites_en.pdf