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11 Jan 2024

GBP/USD Price Analysis: The key upside barrier is seen at the 1.2800–1.2805 zone

  • GBP/USD gains ground near 1.2765, up 0.25% on the day.
  • The bullish outlook of the pair remains intact above the key EMA; the RSI indicator stands in bullish territory above 50.
  • The key resistance level is seen at the 1.2800–1.2805 zone; 1.2715 acts as an initial support level for GBP/USD.

The GBP/USD pair holds positive ground around 1.2765 during the early European session on Thursday. The uptick of the pair is supported by the weaker US Dollar (USD) and improved risk-on sentiment. Traders await the December US Consumer Price Index (CPI) for fresh impetus. The Core CPI is projected to grow 3.8% YoY, while headline inflation is estimated to rise 3.2% YoY versus 3.1% prior.

According to the four-hour chart, the bullish outlook of GBP/USD remains intact as the major pair holds above the 50- and 100-hour Exponential Moving Averages (EMA). Furthermore, the Relative Strength Index (RSI) stands in bullish territory above 50, suggesting the path of least resistance level is to the upside.

A decisive break above the upper boundary of the Bollinger Band at 1.2778 will pave the way to a psychological round mark and a high of December 27 at the 1.2800–1.2805 region. Further north, the next hurdle is seen near a high of December 28 at 1.2828 and a high of July 28 at 1.2888.

On the flip side, the 50-hour EMA at 1.2715 acts as an initial support level for the pair. Any follow-through selling below the latter will expose the 100-hour EMA at 1.2696, followed by the lower limit of the Bollinger Band at 1.2680.

GBP/USD four-hour chart

 

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