Key Highlights
- GBP/USD started a steady increase above the 1.2300 resistance.
- A key rising channel is forming with support near 1.2300 on the 4-hours chart.
- EUR/USD also climbed higher above the 1.0850 resistance zone.
- Crude oil price remained strong above the $79.20 support zone.
GBP/USD Technical Analysis
The British Pound started a major increase above the 1.2200 resistance zone against the US Dollar. GBP/USD climbed higher above the 1.2300 resistance zone to move into a positive zone.
Looking at the 4-hours chart, the pair settled well above the 1.2300 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair even spiked above the 1.2400 level. It seems like the pair is well supported for more gains above the 1.2400 level. The next key resistance is near the 1.2500 zone.
A clear move above the 1.2500 resistance might send the pair towards the 1.2620 zone. Any more gains might send the pair towards 1.2700.
On the downside, an immediate support is near the 1.2350. The next major support is near the 1.2320 level and the channel zone, below which the pair might test the 100 simple moving average (red, 4-hours).
Looking at oil price, the price gained pace above the $80 level and there are chances of more upsides in the near term.
Economic Releases
- US Factory Orders for Feb 2023 (MoM) – Forecast -0.5%, versus -1.6% previous.
