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

ByXM Group
AuthorTrading Point
Published 11/22/2022, 05:41 AM
Updated 02/07/2024, 09:30 AM
GBPUSD 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

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