The GBP/USD chart currently exhibits a bullish momentum, suggesting an ongoing upward trend. This positive sentiment could lead the price towards the 1st resistance level at 1.2785. The significance of the 1st support at 1.2698 lies in its role as a support during multiple swing lows, with additional reinforcement from a second support at 1.2651. On the flip side, the 1st resistance at 1.2785 gains importance as a resistance during multiple swing highs, potentially hindering further upward movement. Further upward potential is indicated by a 2nd resistance at 1.2815, characterized as a pullback resistance.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD chart currently exhibits a bullish momentum, suggesting an ongoing upward trend. This positive sentiment could lead the price towards the 1st resistance level at 1.2785. The significance of the 1st support at 1.2698 lies in its role as a support during multiple swing lows, with additional reinforcement from a second support at 1.2651. On the flip side, the 1st resistance at 1.2785 gains importance as a resistance during multiple swing highs, potentially hindering further upward movement. Further upward potential is indicated by a 2nd resistance at 1.2815, characterized as a pullback resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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