Technical Analysis – GBPUSD rises after hitting 1.2900
- GBPUSD returns above uptrend line
- Stochastics and RSI show positive signs
GBPUSD headed south on Wednesday’s session, meeting the 1.2900 round number, but today is recouping its losses and is testing again the 1.2970 level. The bearish wave may come to an end, especially if the market successfully climbs above the bearish cross within the 20- and 50-day simple moving averages (SMA) of 1.3100–1.3130.
On the other hand, a downward move could find the next support at the 200-day SMA at 1.2800 before resting near the 1.2610-1.2670 support region, which would change the outlook to negative.
According to technical oscillators, the stochastic is creating a bullish cross within its %K and %D lines near the 20 level, while the RSI is ticking higher beneath the 50 level. Both are indicating a bullish retracement.
In brief, GBPUSD may end the bearish structure soon, especially if there is a rise above the 1.3100 level.
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