Technical Analysis – GBPUSD accelerates after bouncing off 1.3000
GBPUSD remains in positive territory
Holds above short-term SMAs
Stochastic head up, RSI moves horizontally
GBPUSD has staged a crucial rebound off the 1.3000 key level on Wednesday, holding the short-term outlook to bullish. Currently, the pair is meeting the 20-day simple moving average (SMA) at 1.3125 with the next resistance levels coming from the almost two-and-a-half-year high of 1.3265 and the peak in March 2022 at 1.3310.
However, a significant tumble beneath 1.3000 could take the bears towards the 50-day SMA at 1.2960 ahead of the 38.2% Fibonacci retracement level of the upward wave from 1.2300 to 1.3265 at 1.2900. A decline beneath this barrier could raise thoughts for steeper decreases below the uptrend line, hitting the 50.0% Fibonacci at 1.2780.
From technical perspective, the stochastic oscillator is moving up after the bullish crossover between its %K and %D lines, while the RSI is flattening above the 50 level.
To sum up, GBPUSD has been in an ascending tendency since April 22 and only a move below the 200-day SMA at 1.2730 may change this view.Related Assets
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