Technical Analysis: GBPUSD

GBPUSD rose to a one-week high

On Wednesday, GBPUSD rose steadily. At one point, it reached a one-week high of 1.3463.

UK CPI failed to meet expectations in April

UK CPI, y/y (April) fell from 3.3% to 2.8% Vs. 3% (forecast), and UK CPI, m/m (April) was 0.7%, which was lower than the forecast of 0.9% and was in line with the previous value of 0.7%, according to the data from the Office for National Statistics.

The USDX fell from a high level

On Wednesday, the USDX fell from a six-week high. It ended down 0.19% at 99.15.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD rose steadily in the short term. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that GBPUSD will climb further. Investors should focus on whether GBPUSD will break through the resistance at 1.348. It will climb with potential resistance at 1.355 if it breaks above 1.348.

4-hour chart

On the 4-hour chart, GBPUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.340. It will rise if it retreats but is stable above 1.340.

Key resistance: 1.348,1.355

Key support: 1.340,1.334

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as GBPUSD retreats during the day.