What triggered Pound Sterling vs Dollar price's latest move higher

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Pound vs dollar rises 0.60% today

Highlights

GBP/USD maintains a firm bullish bias, trading above key moving averages and showing continued strength near session highs.
Technical momentum remains positive, with constructive indicator signals and buyers dominating recent intraday action.
Price is expected to consolidate between $1.35 support and $1.37 resistance, with a 75% probability of further upside.

Anton Kharitonov, expert at Traders Union, notes that GBP/USD is trading firmly above its major moving averages, indicating bullish momentum across multiple timeframes. He points out, however, that the pair faces substantial resistance near $1.37 and that intraday volatility could lead to unpredictable swings. The lack of substantive news limits sentiment drivers and raises concern about sustainability of the current move. Kharitonov warns that momentum indicators, while positive, are beginning to show signs of exhaustion, and a downside break below $1.35 could quickly deepen losses. "Traders should use caution as technical strength may not be backed by fundamentals, and the risk of a reversal is increasing."

Viktoras Karapetjanc, expert at Traders Union, sees ongoing strength in GBP/USD as a reflection of robust technical and sentiment factors. He highlights that the bullish structure remains intact above all key moving averages, with multiple indicators confirming upside potential. Despite a lack of major news, optimistic trader positioning and persistent momentum support further growth toward $1.37. Karapetjanc emphasizes that the market offers multiple setups for gains in the near term. "With technicals aligned in favor of buyers, I expect GBP/USD to continue its rally and challenge higher resistance zones soon."

Momentum holding as buyers press toward resistance amid mixed trend signals

The Ichimoku Kijun provides initial dynamic support near $1.0538, while additional resistance could be expected near the $1.37 round level as the next technical barrier. Momentum indicators are predominantly constructive: the Moving Average Convergence Divergence (MACD) signals strong upward momentum, while the Average Directional Index (ADX) reflects an established but slightly weakening trend. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) are both in neutral to bullish territory, with the Stochastic RSI showing no pronounced overbought or oversold extremes. Bull/Bear Power (BBP) indicates buyers dominate intraday action, and the Awesome Oscillator is supporting the upward direction. The pair advanced 0.60% today to $1.3620, opening with an upside gap of around 26 pips and currently trading in the upper part of its daily range; intraday volatility stands at 0.57%. The intraday tone remains positive, with the price showing firm strength toward session highs.

Earlier, analysts noted that Pound Sterling was demonstrating renewed bullish momentum against the US Dollar, supported by persistent trend strength. The latest market action reinforces this view, and with the current bullish setup intact, traders should closely monitor the $1.37 level for a potential breakout that could signal further upside in the days ahead.

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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