GBP/USD analysis: bullish stance prevails

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2853

The British Pound closed the day higher against its American rival, indifferent as usual to broad dollar's intraday demand. The GBP/USD pair traded as low as 1.2804 before recovering, still confined to a tight 60 pips range daily basis, amid the absence of UK macroeconomic news. In fact, UK's calendar will remain light until Friday, when the kingdom will release its preliminary Q1 GDP, with the economy expected to have grew just 0.4% in the three months to March. Trading at its highest for the week, the pair presents a neutral-to-bullish stance in the short term, given that in the 4 hours chart, the price held above the 1.2810 price zone, where the pair has is 20 SMA and the 23.6% retracement of its latest bullish run. In the same chart, technical indicators hold within positive territory, albeit with no certain directional strength, not enough to confirm further gains at the time being. The daily high was set at 1.2863, with further gains beyond it probably resulting in an advance towards 1.2903, this month high, en route to 1.2960.

Support levels: 1.2810 1.2775 1.2730

Resistance levels: 1.2865 1.2910 1.2660

View Live Chart for the GBP/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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