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GBP/USD Price Analysis: Up 25 pips but trades in a familiar range
Abstract：GBP/USD trades higher on Thursday but is still stuck in the three-day range of 1.3538-1.37. A range breakdown would open the doors for a test of SMA support.
GBP/USD is currently trading near 1.3625, having found bids near 1.3620 early today.
While the pair has gained roughly 25 pips, it is still trapped in the range of 1.3538-1.37 established over the past three days. The 14-day Relative Strength Index (RSI) is also indicating indecision or range play with a triangle pattern.
A close above 1.37 would signal a continuation of the rally from the September low of 1.2675 and create room for a rally to at least 1.3862 (range breakout target).
Alternatively, a downside break would open the doors for the 50-day Simple Moving Average (SMA) support, currently at 1.3329.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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