The GBP/USD chart currently exhibits bullish momentum, indicating a prevailing upward trend. In this context, there’s potential for a bullish rebound at the 1st support (1.2649), possibly driving the price towards the 1st resistance (1.3141). The 1st support’s importance lies in its classification as an overlap support, potentially serving as a foundation for an upward price reversal. Similarly, the 2nd support at 1.2437 is recognized as an overlap support, further reinforcing its supportive role.
Conversely, the 1st resistance (1.3141) is identified as a swing high resistance, which could impede upward price movement.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD chart currently exhibits bullish momentum, indicating a prevailing upward trend. In this context, there’s potential for a bullish rebound at the 1st support (1.2649), possibly driving the price towards the 1st resistance (1.3141). The 1st support’s importance lies in its classification as an overlap support, potentially serving as a foundation for an upward price reversal. Similarly, the 2nd support at 1.2437 is recognized as an overlap support, further reinforcing its supportive role.
Conversely, the 1st resistance (1.3141) is identified as a swing high resistance, which could impede upward price movement.
The material has been provided by InstaForex Company – www.instaforex.com
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