GBP/USD Surges Past 1.3000, Bullish Momentum Builds

The Pound Sterling has gained strength against the US Dollar, surpassing the 1.3000 level and breaking through the 100-day SMA resistance. This bullish momentum suggests a potential uptrend in the pair.

Technical Analysis:

  • Upside Potential: A sustained move above the October 30 swing high at 1.3047 could propel the pair towards 1.3100 and potentially the 50-day SMA at 1.3118.
  • Downside Risk: A break below 1.3000 and the 100-day SMA could trigger a bearish correction, with support levels at 1.2908, 1.2843, and the 200-day SMA.

Oscillator Signals:

  • The RSI is trending upward, indicating growing bullish momentum. However, it hasn’t yet crossed the 50 neutral line, suggesting caution.

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