Forex Trading

GBP/USD Eyes Fresh Increase, Gold Could Rally Further


Key Highlights

  • GBP/USD started a decent increase above the 1.2800 resistance.
  • A major bullish trend line is forming with support at 1.2790 on the 4-hour chart.
  • Gold prices could accelerate further higher above the $2,180 resistance zone.
  • Bitcoin price seems to be setting up for more upsides above $73,000.

GBP/USD Technical Analysis

The British Pound started a fresh increase above the 1.2650 level against the US Dollar. GBP/USD broke the 1.2740 level to move into a positive zone.

Looking at the 4-hour chart, the pair settled above the 1.2750 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It also traded above the 1.2800 level before the bears appeared.

A high was formed at 1.2893 before the pair corrected lower. There was a move below the 1.2800 level. It tested the 1.2750 zone and is now attempting a fresh increase.

The pair is trading above the 1.2780 level. There is also a major bullish trend line forming with support at 1.2790 on the same chart. On the upside, the pair could face resistance near the 1.2820 level.

The first major resistance is now forming near 1.2840. The main resistance is near 1.2880. A close above the 1.2880 zone could open the doors for more upsides. The next stop for the bulls might be 1.2950.

Immediate support is near the 1.2780 level. The next major support is at 1.2740. If there is a downside break below the 1.2740 support, the pair could decline toward the 1.2650 support.

Looking at Gold, there was a strong increase above the $2,150 resistance and the bulls might aim for a move toward $2,250.

Economic Releases

  • US Initial Jobless Claims – Forecast 218K, versus 217K previous.
  • US Retail Sales for Feb 2024 (MoM) – Forecast +0.1%, versus -0.4% previous.



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