GBP/USD Price Analysis: Gains momentum, the next upside barrier is seen at 1.2640

GBP/USD trades in positive territory for the third consecutive day above 1.2600 on Monday.
The pair maintains the bullish outlook above the 50- and 100-hour EMAs; the RSI indicator holds in the bullish territory above 50.
The first resistance level is seen at 1.2640; 1.2520 acts as an initial level for GBP/USD.

Lallalit Srijandorn FXStreet

The GBP/USD pair kicks off the week in a positive mood above 1.2600, the highest level since late August during the early Europen session on Monday. The uptick of GBP/USD is bolstered by the stronger-than-expected UK S&P Global/CIPS PMI data for November and the softer US Dollar (USD). The pair currently trades near 1.2610, unchanged for the day.

Technically, GBP/USD maintains a bullish outlook as the pair holds above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope on the four-hour chart. The upward momentum is supported by the Relative Strength Index (RSI) that holds in the bullish territory above 50, suggesting the path of least resistance is to the upside.

That being said, the first resistance level for the pair will emerge at 1.2640. The mentioned level is the confluence of the upper boundary of the Bollinger Band and a high of September 4. A break above 1.2640 will see the next upside barrier near a high of September 1 at 1.2713, en route to 1.2800 (a high of August 22 and round figure)

On the flip side, a low of November 23 at 1.2520 acts as an initial level for GBP/USD. The additional downside filter to watch is the 50-hour EMA at 1.2497. Any follow-through selling will see a drop to the lower limit of the Bollinger Band at 1.2458. Finally, the next contention level is located near the 100-hour EMA at 1.2420.

GBP/USD four-hour chart

GBP/USD

Overview
Today last price	1.2611
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2611

Trends
Daily SMA20	1.2358
Daily SMA50	1.2265
Daily SMA100	1.2499
Daily SMA200	1.2456

Levels
Previous Daily High	1.2616
Previous Daily Low	1.2525
Previous Weekly High	1.2616
Previous Weekly Low	1.2446
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2581
Daily Fibonacci 61.8%	1.2559
Daily Pivot Point S1	1.2552
Daily Pivot Point S2	1.2493
Daily Pivot Point S3	1.2461
Daily Pivot Point R1	1.2643
Daily Pivot Point R2	1.2674
Daily Pivot Point R3	1.2733

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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