Key Highlights
- GBP/USD started a fresh increase above the 1.3120 resistance.
- It cleared the 1.3150 zone and retested the 1.3200 resistance on the 4-hour chart.
- EUR/USD is consolidating gains above the 1.1280 support zone.
- Gold prices traded to a new record high above $3,240 and started a consolidation phase.
GBP/USD Technical Analysis
The British Pound remained supported above 1.2880 against the US Dollar. GBP/USD started a fresh surge above the 1.3000 and 1.3050 resistance levels.
Looking at the 4-hour chart, the pair cleared the 1.3150 zone and retested the 1.3200 resistance. There was a close above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
A high was formed at 1.3201 and is currently consolidating gains. If there is a fresh increase, the pair could face resistance near the 1.3220 level.
The next major resistance is near the 1.3250 level. The main resistance is now forming near the 1.3320 zone. A close above the 1.3320 level could set the tone for another increase. In the stated case, the pair could even clear the 1.3450 resistance.
On the downside, immediate support sits near the 1.3140 level. The next key support sits near the 1.3080 level and the 23.6% Fib retracement level of the upward move from the 1.2708 swing low to the 1.3201 high. Any more losses could send the pair toward the 1.3015 level.
Looking at Gold, the price started a fresh increase, and the bulls might soon aim for a move toward the $3,300 level.
Upcoming Economic Events:
- UK Claimant Count Change for March 2025 – Forecast 30.3K, versus 44.2K previous.
- UK ILO Unemployment Rate for Feb 2025 (3M) – Forecast 4.4%, versus 4.4% previous.
