Key Highlights
- GBP/USD is gaining bullish momentum above the 1.2700 zone.
- A key rising channel is forming with resistance at 1.2785 on the 4-hour chart.
- Gold price found support near the $2,320 zone and might attempt a fresh increase.
- Bitcoin price could rally if it clears the $72,000 resistance zone.
GBP/USD Technical Analysis
The British Pound formed a base above the 1.2640 zone against the US Dollar. GBP/USD started a major increase above the 1.2680 and 1.2700 resistance levels.
Looking at the 4-hour chart, the pair settled above the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). The pair cleared the key hurdle at 1.2720 and might continue to move higher.
There is also a key rising channel forming with resistance at 1.2785 on the same chart. A clear move above the 1.2785 resistance might send it toward the 1.2850 level. Any more gains might call for a move toward the 1.2950 level in the near term.
If there is no move above the 1.2785 resistance, the pair might correct gains. Immediate support is near the 1.2720 level. The next major support is at 1.2700.
If there is a downside break below the 1.2700 support, the pair might test the 100 simple moving average (red, 4-hour) at 1.2620. Any more losses might send the pair toward the 200 simple moving average (green, 4-hour) at 1.2545.
Looking at Gold, the price found support near the $2,320 level and the bulls are now aiming for a fresh increase.
Economic Releases
- US Housing Price Index for March 2024 (MoM) – Forecast +0.5%, versus +1.2% previous.
