GBPUSD core trend is turning higher after last week’s closing above the psychological level of 1.3000. After a slight pullback in today’s session to 1.3014, the pair is currently trading at 1.3051. The immediate support is at 1.3030 while the 1.3000 level is now acting as a strong support level. The intraday resistance is at 1.3084 other resistance levels are at 1.3120 and 1.3144.

The SMA-14 is indicating support at 1.29139 while the SMA-50 is showing support at 1.30278. The Mid-Bollinger band is at 1.28957 while the upper band resistance area is at 1.3093. The RSI is at 57 and is supportive of the bulls. The weekly and the intraday price patterns are bullish, however, the 4-hourly price pattern is slightly bearish and suggests a pullback which can be taken for a buy entry. A decent buying entry would be near 1.3020 with a small target of 50 to 60 pips. A tight stop-loss for this trade would be just below the 1.2980 support level.

Bulls have managed to take the price above 1.3000 and now requires a price action above 1.3080 to continue their hold. On the downside, an intraday closing below 1.2940 is needed for the bears to come back into the play.

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By LCMS Traders FX Analysis Team

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