GBP/USD Forecast: Technical Levels Point to Upside Potential
GBP/USD closed at around 1.2200 on Thursday, marking its highest level in a week. This rise was supported by the Bank of England's decision to maintain interest rates and further bolstered by a weaker US Dollar. DXY weakened amid risk appetite in the market. The US employment report, scheduled for Friday, is poised to provide additional market direction.
The technical chart indicates significant resistance at 1.2200 (the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 23.6% Fibonacci retracement level of the most recent downtrend). Closing above this level in the 4-hour timeframe could attract technical buyers, potentially opening the door for further gains towards 1.2260 (a static level) and 1.2300 (the 38.2% Fibonacci retracement level).
On the flip side, temporary support is formed around 1.2150 (the 50-period SMA and the 20-period SMA), preceding 1.2100 (a static level and a psychological level) and 1.2050 (the recent downtrend's low point). The GBP/USD pair appears poised for further movement, with traders closely watching these levels for potential shifts in market sentiment.
The technical chart indicates significant resistance at 1.2200 (the 200-period Simple Moving Average (SMA) on the 4-hour chart and the 23.6% Fibonacci retracement level of the most recent downtrend). Closing above this level in the 4-hour timeframe could attract technical buyers, potentially opening the door for further gains towards 1.2260 (a static level) and 1.2300 (the 38.2% Fibonacci retracement level).
On the flip side, temporary support is formed around 1.2150 (the 50-period SMA and the 20-period SMA), preceding 1.2100 (a static level and a psychological level) and 1.2050 (the recent downtrend's low point). The GBP/USD pair appears poised for further movement, with traders closely watching these levels for potential shifts in market sentiment.
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