GBPUSD successfully closed above the 1.2270 level on Tuesday after several failed attempts. The short-term bias remains optimistic from a technical standpoint, as the stochastic and MACD are clearly oscillating near the bullish region. The former is trying to enter the overbought region, indicating more positive actions.
If the bulls are able to remain above 1.2270, the next obstacle may be located near 1.2450. A further increase may encounter congestion at 1.2550 before accelerating to 1.2665-1.2700. The area around 1.2800 could be the next destination.
Alternatively, a break below the 1.2270 support and the nearby bullish crossover within the 20- and the 50-day simple moving averages (SMAs) could drive the price until the 23.6% Fibonacci of the up leg from 1.0325 to 1.2450 at 1.1960 ahead of the 200-day SMA at 1.1890. Even lower, the lower boundary of the medium-term consolidation area at 1.1800 could act as a turning point for traders.
Briefly, GBPUSD is aiming for a positive continuation, but only a sustained move over 1.2450 would increase buying interest.
GBPUSD successfully closed above the 1.2270 level on Tuesday after several failed attempts. The short-term bias remains optimistic from a technical standpoint, as the stochastic and MACD are clearly oscillating near the bullish region. The former is trying to enter the overbought region, indicating more positive actions.
If the bulls are able to remain above 1.2270, the next obstacle may be located near 1.2450. A further increase may encounter congestion at 1.2550 before accelerating to 1.2665-1.2700. The area around 1.2800 could be the next destination.
Alternatively, a break below the 1.2270 support and the nearby bullish crossover within the 20- and the 50-day simple moving averages (SMAs) could drive the price until the 23.6% Fibonacci of the up leg from 1.0325 to 1.2450 at 1.1960 ahead of the 200-day SMA at 1.1890. Even lower, the lower boundary of the medium-term consolidation area at 1.1800 could act as a turning point for traders.
Briefly, GBPUSD is aiming for a positive continuation, but only a sustained move over 1.2450 would increase buying interest.
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