GBP/USD is trading at 1.2953 and appears to be climbing further higher. The US dollar weakness is currently supporting the British Pound, the US dollar index has come down to 93.60. The pair’s immediate support level is 1.2933 while 1.2900 is a strong support level. The intraday resistance is at 1.2977 other resistances are at 1.3000 and 1.3028.

GBP/USD has slightly moved above the SMA-21which is indicating support area at 1.28976. The SMA-50 is showing resistance at 1.3035. The mid-Bollinger band is at 1.2858 while the upper-Bollinger band resistance area is at 1.3032. The RSI is at the neutral zone, the weekly price pattern is slightly bullish, however, on the intraday scale the pair is more strongly upwards. Currently, the pair is good to buy on dips. A decent intraday buying level would be at or near 1.2930 with a target of 50 to 60 pips. A tight stop-loss for this trade would be just above the 1.2900 support area.

An intraday closing above 1.3000 would raise the possibilities of further rise towards 1.3160/1.3200. On the downside, bears nee an intraday closing below 1.2880 to consolidate.

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By LCMS Traders FX Analysis Team

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