<\/a><\/p>\nPound Sterling versus US Dollar: Daily chart<\/small><\/p>\n
The pair formed a bearish Shooting Star candlestick pattern on Thursday and is now trading just beneath it in the 1.2630s.<\/p>\n
Given the firm floor of support at the 1.2550s, which has shown itself able to prop up price on at least three occasions since November 2023 it is likely to hold again, and the pair could be at the start of another move back up inside the range.\u00a0<\/p>\n
However, the Moving Average Convergence\/ Divergence (MACD) indicator, which is an especially useful confirmation tool for turning points in a range-bound market, has still not crossed its signal line to offer\u00a0a buy signal.\u00a0<\/p>\n
The 50 and 100 SMAs are also still providing a formidable resistance blockade above price, and ideally need to be penetrated decisively before a more bullish outlook can be adopted.\u00a0<\/p>\n
A decisive breakthrough above the two SMAs \u2013 by which is meant a long green candlestick that breaches the resistance and closes near its high, or three green candlesticks that break through the level \u2013 would be required to confirm more upside.\u00a0<\/p>\n
The March 21 high at 1.2804 presents as a possible target for such a revolution.<\/p>\n
Alternatively, a decisive break below the range low at 1.2550 would lead to a volatile move lower, since support that has been retested on several occasions, when finally broken, usually ends up giving way in a dramatic fashion.\u00a0<\/p>\n
\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
GBP\/USD bounced off a key support level and rose up strongly this week.\u00a0 Resistance from two major Moving Averages, however, prevented the trend from going higher.\u00a0 A clear break above this resistance barrier would be required to confirm a move up to the range highs.\u00a0 GBP\/USD has just bounced off the bottom of a medium-term […]<\/p>\n","protected":false},"author":2,"featured_media":8137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,641,255,250,252,247,253,249,308,256,254],"class_list":["post-278574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-technical-analysis","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/278574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=278574"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/278574\/revisions"}],"predecessor-version":[{"id":278575,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/278574\/revisions\/278575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/8137"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=278574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=278574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=278574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}