GBP/USD managed to close above the psychological level of 1.3000 on last Friday. Today, earlier in the European session the pair made a fresh monthly high of 1.3049 and is currently trading at 1.30277. The gain has come from fresh US stimulus hope that has dragged the US dollar lower. The pair’s immediate support is at 1.3020 while the 1.2980 is now acting as a strong support level. The intraday resistance is at 1.3040 other resistance areas are at 1.3060 and 1.3085.

The SMA-14 is indicating a support area at 1.28872 while the SMA-50 is showing a support area at 1.3027. The mid-Bollinger band is at 1.28854 and the upper Bollinger band resistance is at 1.3064. The RSI is at 56 and appears to be moving up in a further bullish zone. The last week’s closing has raised the bullish odds and turned the price pattern further bullish. Currently, the pair is good to buy on intraday bases. A decent buying level is near 1.3000 with a target of 1.3070. A tight stop-loss for this trade would be at 1.2960.

Another closing above 1.3000 would further strengthen the bulls and the pair may rise above 1.3120 level in the coming days. On the downside, an intraday closing below 1.2930 is needed for the bears to get back some control

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By LCMS Traders FX Analysis Team

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