Forex analytics and overview

GBP/USD Trades in a Tight Range After Advance Pauses Near 1.2000

2022.11.22 11:58


XM Group

has been stuck in a prolonged downtrend since the beginning of the year, plummeting to an all-time low of 1.0324 in mid-September. Nevertheless, the pair has exhibited signs of recovery in  the short term, which has currently come to a halt near the 1.200 region.

The short-term oscillators are currently indicating a cautiously bullish near-term tone. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is flat above both zero and its red signal line.

To the upside, bullish actions could propel the price towards the recent resistance of 1.2028. Piercing through this region, the price could challenge the July peak of 1.2290. Even higher, the 1.2400 hurdle could curb any further advances before the May high of 1.2666 comes under examination.

Alternatively, should the positive momentum fade and the price reverses downwards, initial support could be met at 1.1645. Sliding beneath that floor, the bears might target 1.1260 before the spotlight turns to the November low of 1.1144. A violation of the latter could open the door for the October resistance of 1.1060.

Overall, GBPUSD appears to be losing steam after managing to break above its long-term restrictive trendline. Nevertheless, a break above the 1.2028 ceiling would most likely signal the continuation of the short-term uptrend.

GBP/USD

Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 41,664.16 0.27%
ethereum
Ethereum (ETH) $ 2,475.00 0.16%
tether
Tether (USDT) $ 0.999406 0.00%
bnb
BNB (BNB) $ 318.28 1.49%
solana
Solana (SOL) $ 92.85 0.42%
xrp
XRP (XRP) $ 0.55382 2.00%
usd-coin
USDC (USDC) $ 0.999624 0.10%
staked-ether
Lido Staked Ether (STETH) $ 2,474.90 0.15%
cardano
Cardano (ADA) $ 0.517833 2.45%
dogecoin
Dogecoin (DOGE) $ 0.087332 11.44%
avalanche-2
Avalanche (AVAX) $ 33.01 0.90%
tron
TRON (TRX) $ 0.111286 0.67%
polkadot
Polkadot (DOT) $ 6.93 1.51%
chainlink
Chainlink (LINK) $ 15.68 2.41%
the-open-network
Toncoin (TON) $ 2.29 4.94%
matic-network
Polygon (MATIC) $ 0.790966 3.85%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,588.14 0.39%
shiba-inu
Shiba Inu (SHIB) $ 0.00001 2.41%
litecoin
Litecoin (LTC) $ 71.42 0.36%
internet-computer
Internet Computer (ICP) $ 11.50 1.71%
dai
Dai (DAI) $ 0.999316 0.04%
uniswap
Uniswap (UNI) $ 6.49 1.43%
bitcoin-cash
Bitcoin Cash (BCH) $ 241.34 2.13%
cosmos
Cosmos Hub (ATOM) $ 9.88 2.40%
leo-token
LEO Token (LEO) $ 3.99 0.16%
ethereum-classic
Ethereum Classic (ETC) $ 24.87 0.18%
stellar
Stellar (XLM) $ 0.115359 1.29%
okb
OKB (OKB) $ 53.83 0.89%
near
NEAR Protocol (NEAR) $ 3.03 2.64%
injective-protocol
Injective (INJ) $ 36.54 1.77%
optimism
Optimism (OP) $ 3.23 1.42%
aptos
Aptos (APT) $ 8.58 0.80%
monero
Monero (XMR) $ 157.34 0.93%
celestia
Celestia (TIA) $ 17.50 0.50%
filecoin
Filecoin (FIL) $ 5.53 0.99%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.05%
lido-dao
Lido DAO (LDO) $ 2.92 0.08%
hedera-hashgraph
Hedera (HBAR) $ 0.076939 2.02%
immutable-x
Immutable (IMX) $ 1.93 1.78%
arbitrum
Arbitrum (ARB) $ 1.84 0.51%
kaspa
Kaspa (KAS) $ 0.103941 1.11%
crypto-com-chain
Cronos (CRO) $ 0.083645 1.15%
blockstack
Stacks (STX) $ 1.50 1.86%
mantle
Mantle (MNT) $ 0.678538 0.10%
vechain
VeChain (VET) $ 0.028591 0.87%
true-usd
TrueUSD (TUSD) $ 0.98756 0.03%
maker
Maker (MKR) $ 1,983.68 0.65%
quant-network
Quant (QNT) $ 115.46 1.40%
sei-network
Sei (SEI) $ 0.687917 2.13%
the-graph
The Graph (GRT) $ 0.163533 5.22%