GBPUSD technicals
GBPUSD remains in a bullish posture on the H4 chart. The next upside targets are located at 1.2988 and 1.30139 which are the highs from the last two weeks. Momentum remains favorable for the bulls, especially while price action holds above nearby support.
Close support is found between 1.2908 and 1.2922, with the 61.8% retracement level at 1.2922 acting as a key line in the sand. A dip toward this region may attract buyers looking to reenter on a pullback.
On the downside, a break below the 100-bar MA at 1.28871 would be a warning sign and a tilt more to the downside in the short term for the pairs. Move below that area, and sellers would push toward the 1.2830–1.2843 swing area. Move below it, and the 200 day MA near 1.2800 would be the next key target.
Summary of Key Technical Levels:
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Upside targets: 1.2988, 1.30139. Move that and swing area at 1.3044 to 1.3058 would be targeted.
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Close support: 1.2908–1.2922
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61.8% Fib: 1.2922
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100 bar MA on the 4-hour at 1.28871 (100-bar MA)
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1.2830–1.2843 swing area
Stay nimble—GBPUSD is at an inflection point (near 61.8%) where either bulls extend higher or sellers start to chip away at recent gains.