GBPUSD saw a turnaround from the support level of 1.2500 and is likely to move up towards the resistance level of 1.2720. The currency pair has been on an upward trend after bouncing back from the support level of 1.2500, which also acted as a reversal point back in May. This recent reversal coincides with the lower daily Bollinger Band and the daily downward channel from September.
The upward reversal from the support level of 1.2500 marks the beginning of the active intermediate impulse wave (1). With this momentum, GBPUSD is expected to continue its upward movement towards the next resistance level of 1.2720, which was the previous peak of the minor correction that took place in the middle of November.
It is important for traders to keep a close eye on these key levels and market indicators to make informed decisions. FxPro, an award-winning online broker, offers a platform for trading Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals, and spot energies. With clients in over 150 countries, FxPro provides multilingual customer support 24/5. However, it’s essential to remember that trading CFDs comes with significant risks of loss.
In conclusion, the GBPUSD currency pair is showing signs of a bullish trend, with a potential rise towards the resistance level of 1.2720. Traders should conduct thorough analysis and consider market factors before making any trading decisions. Stay informed and stay cautious in the dynamic forex market.
