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Analysis and Education>Technical Analysis: GBPUSD

Technical Analysis: GBPUSD

28.05.2024

GBPUSD reached a two-month high


On Monday, GBPUSD continued climbing. It reached 1.2777 at one point, which marked the highest level since March 21.


Retail price index growth decreased to a two-year low in May


UK retail price index growth, y/y (May) fell to 0.6%, which marked the lowest level since the end of 2021, showing that economic prospect will improve, according to the data from the BRC.


The USDX fluctuated and fell


On Monday, the USDX fluctuated and fell. It ended down 0.14% at 104.6.


Technically speaking, the bullish market trend prevailed in the short term

 

the Chart of the Day


On the chart of the day, GBPUSD continued climbing. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing GBPUSD will rise further. GBPUSD will continue climbing with potential resistance at 1.289 if it breaks above 1.280.

4-hour chart


On the 4-hour chart, GBPUSD was prone to fluctuation and climbed. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing the market trend is bullish. GBPUSD will rise further if it retreats but is stable above 1.274.


Key resistance: 1.280, 1.289

Key support: 1.274, 1.267


Generally speaking, as UK economic prospect improved and the USDX fell, GBPUSD is more likely to rise further in the short term. Investors should focus on UK CBI Retail Sales Differentials (May) during the day. 

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