We observe that GBP/USD has penetrated the
three moving averages (21-50-200) last week
and surged significantly, driven by a
substantial influx of buyers. This has pushed
GBP/USD even higher, breaking through the
level depicted in blue as new buyers entered, making it a new buying area. Despite forming
multiple highs and lows, a correction ensued
due to the exit of some buyers, who took
profits. GBP/USD has retraced to a demand
level and remains above the 200-day moving
average. My expectation for the upcoming
week is an upward movement in GBP/USD to
the level of 1.2795. If it surpasses this level, I
anticipate a continuation of the uptrend
towards 1.290-1.300.
three moving averages (21-50-200) last week
and surged significantly, driven by a
substantial influx of buyers. This has pushed
GBP/USD even higher, breaking through the
level depicted in blue as new buyers entered, making it a new buying area. Despite forming
multiple highs and lows, a correction ensued
due to the exit of some buyers, who took
profits. GBP/USD has retraced to a demand
level and remains above the 200-day moving
average. My expectation for the upcoming
week is an upward movement in GBP/USD to
the level of 1.2795. If it surpasses this level, I
anticipate a continuation of the uptrend
towards 1.290-1.300.