Pound Sterling vs Dollar moves higher after buyers lift pair to session highs

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Pound sterling rises 0.69% today

Highlights

GBP/USD trades above its 20-day, 50-day, and 200-day moving averages, indicating a strong bullish trend across all timeframes.
Intraday momentum indicators such as MACD, RSI, CCI, BBP, and Awesome Oscillator are positive, supporting further upside.
Expected five-day price range is $1.3558 to $1.3694, with a probability above 80% for an upward move and resistance at $1.3694.

Anton Kharitonov, expert at Traders Union, observes that GBP/USD’s bullish momentum is supported by strong technical signals, with prices holding above all major moving averages. He notes that despite positive indicators like MACD, RSI, and the Awesome Oscillator, the absence of fundamental news leaves the rally vulnerable to sudden reversals. Kharitonov points out that resistance at $1.3694 is critical, as a failure to sustain above could trigger a downside move. The analyst is cautious about the very high probability of an upward break, especially given muted volatility and neutral ADX and Stochastic RSI readings. "Without clear fundamental backing, I remain skeptical of further upside and would guard against false breakouts in the coming sessions."

Viktoras Karapetjanc, expert at Traders Union, sees the persistence of GBP/USD above its key moving averages as a strong bullish signal. He highlights the well-defined upward price structure and robust momentum indicators, emphasizing that the bullish structure remains intact despite absent news flow. Karapetjanc is confident in the pair’s ability to target $1.3694, viewing current consolidation as a launchpad for further growth. He believes that the market offers multiple setups for buyers poised to benefit from the prevailing trend. "Further growth is likely as momentum persists, and I see opportunity for trend-following strategies to capitalize on this constructive setup."

Parshwa Turakhiya, analyst, notes that GBP/USD’s intraday sentiment is underpinned by technical buyers as the pair flirts with session highs. He sees short-term trading opportunities emerging between support at $1.3625 and resistance at $1.3694, given modest volatility. Turakhiya advises traders to watch momentum closely, as most indicators lean bullish yet some, like the HMA, temper enthusiasm. "In this range-bound phase, I’d look for quick moves around these levels to take advantage of shifting sentiment and evolving setups."

Bullish signals strengthened as key moving averages hold above support

GBP/USD is positioned above its 20-day, 50-day, and 200-day moving averages at $1.3467, $1.3391, and $1.3441, respectively, reinforcing a bullish trend across all timeframes. Immediate resistance stands at $1.3694, while near-term support is at $1.3625. Momentum signals, including the MACD and RSI, are positive and suggest further buying interest, while the ADX and Stochastic RSI remain neutral. The CCI and Bull/Bear Power also flag continued buyer dominance, complemented by an upward Awesome Oscillator. Only the HMA offers a negative signal, but overall intraday momentum aligns with the upward price action and a constructive tone, as volatility remains modest and prices hold near session highs.

Earlier, analysts noted that sterling's resilience was underpinned by inflation data broadly in line with expectations and uncertainty over the Bank of England's rate path. The current technical setup strengthens this outlook, with immediate attention on whether GBP/USD can decisively clear key resistance at $1.3694 to confirm further upside.

Source of Data: GBP Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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