Technical Analysis – GBPUSD falls back from the 1-year high
May 11, 2023 1:27 pm
GBPUSD is struggling to jump above the one-year peak of 1.2679 that was recorded yesterday and is still creating some neutral days. Today, the momentum is slightly negative after the decision to raise interest rates decision from the BoE and the technical oscillators are mirroring this latest movement. The MACD is standing near its trigger line above the zero level, while the RSI is sloping down in the positive region.
In the negative scenario, any tumbles below the 20-day simple moving average (SMA) could test the next support at 1.2350, which coincides with the 50-day SMA. Beneath the latter, the 1.2270 barrier and the long-term uptrend line around 1.2215 could act as a turning point for bulls.
Alternatively, a successful attempt beyond the previous high of 1.2679 could open the way for a challenge of the 200-weekly SMA around the 1.2855 inside swing low, registered in November 2020. A battle with this level would be crucial, so any jumps higher could endorse the long-term bullish outlook.
Summarizing, GBPUSD is in a positive mode in the bigger picture and only some closing days below the uptrend line and the 200-day SMA would change this view.
GBPUSD is struggling to jump above the one-year peak of 1.2679 that was recorded yesterday and is still creating some neutral days. Today, the momentum is slightly negative after the decision to raise interest rates decision from the BoE and the technical oscillators are mirroring this latest movement. The MACD is standing near its trigger line above the zero level, while the RSI is sloping down in the positive region.
In the negative scenario, any tumbles below the 20-day simple moving average (SMA) could test the next support at 1.2350, which coincides with the 50-day SMA. Beneath the latter, the 1.2270 barrier and the long-term uptrend line around 1.2215 could act as a turning point for bulls.
Alternatively, a successful attempt beyond the previous high of 1.2679 could open the way for a challenge of the 200-weekly SMA around the 1.2855 inside swing low, registered in November 2020. A battle with this level would be crucial, so any jumps higher could endorse the long-term bullish outlook.
Summarizing, GBPUSD is in a positive mode in the bigger picture and only some closing days below the uptrend line and the 200-day SMA would change this view.
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