GBP/USD Holds Well Below the 1-Year High
2024.07.23 07:14
- GBP/USD eases but remains above the uptrend line
- Stochastics and RSI suggest more losses
is retreating after a strong rally towards the one-year high of 1.3045. The technical oscillators also confirm the bearish retracement. The stochastic is diving into oversold territory, while the RSI is pointing slightly down above the 50 level.
If the dive continues, immediate support could come from the 1.2860–1.2890 region, ahead of the 20-day simple moving average (SMA) at 1.2825. Steeper declines could pave the way for a retest of the 50-day SMA at 1.2760 and the ascending trend line near 1.2740.
In a positive scenario, a rebound from 1.2890 may take the price higher again, testing the previous peak at 1.3045. More upside pressures could push the market to its peak of 1.3140 in July 2023.
To summarize, GBP/USD has been exhibiting a bullish tendency since April 22, and only a closing session beneath the 200-day SMA could change this outlook.
