The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.3100, adding 1.24%. I believe that support is now at around 1,2808, Wednesday's low, and resistance is likely at 1.3095, the high of Friday's trading.
With the inflation stabilizing, and falling closer to the banks 2% goal, the likelihood that the bank will use rate hikes to combat excess inflation is fading. But the dollar have been on a falling momentum.
GBP/USD bounced off from 1.2930 after forming a spinning top candlestick on the four-hour time-frame at that level and it will likely test 1.3000 next, which from a support will have become a resistance level.
The British pound was up against the US dollar on Friday. By the close of US trading, GBP/USD was trading at 1.2994, gaining 0.15%. I believe that support is now at around 1.2930, Thursday's low, and resistance is likely at 1.3127, Tuesday's high.
The British pound recorded a volatile session against the US dollar on Monday. The currency pair started at 1.2992 and the pound registered a positive performance. Eventually, the currency pair ended at 1.3027 and if the upward trend continues, we can expect a break in the first resistance at 1.3090.
The British pound recorded a volatile session against the US dollar on Tuesday. The currency pair opened at 1.3027 and finished just 4 pips lower. Graphics continued to grow above the creeping averages, while the relative strength index remained neutral. If the bullish trend keeps the pair will focus on the resistance at 1.3090.
The British pound record also recorded a significant increase against the US dollar on Wednesday. The currency pair added 97 pips and the pound managed to break the first resistance at 1.0390. Daytime extreme values were reached at 1.3000 and 1.3123 respectively. If the price continues to rise, we can expect a resistance test at 1.3270.
The British pound also recorded a decline against the US dollar on Thursday. Session started at 1.3120 and the pound lost 56 pips. Graphics continued to grow above the creeping averages, while the relative strength index remained neutral. Establishing the pair above 1.3090 will be indicative of the interest of the bulls, whose next target is the resistance at 1.3270.
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