The GBPUSD chart exhibits signs of upward momentum. The price has recently bounced off the lower Bollinger Band and is progressing toward the upper band, indicating a potential bullish trend. Moreover, the MACD demonstrates a bullish crossover, with the MACD line surpassing the signal line, reinforcing the upward momentum. The histogram turning positive further supports this bullish sentiment. Traders should monitor for potential resistance at the upper Bollinger Band.
• There is a resistance level at 1.22878; followed by resistance at 1.24243 and 1.27392.
• There is a support level at 1.20380 Below, there are 1.20952 and 1.21603.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 25, 2023
