GBPUSD is about to test an upward price channel
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Now, GBP/USD extends gains for the second straight session, trading around 1.2710 during Asian hours on Monday. A weaker US dollar supports the pair. Sterling may face a challenge as the BoE is expected to cut interest rates by 60 basis points in 2024.
With the current uptrend remaining stable and the EMA 34.89 showing no signs of reversal, this is a supporting factor for this pair, helping to reduce short-term risks. Meanwhile, buyer confirmation above 1.2635 resistance is allowing technical buyers to materialize a bullish phase. Fundamentally and technically the market is showing positivity, these factors are currently the main drivers supporting the pair to test the limits of the 1.2855 channel at least.
Now, GBP/USD extends gains for the second straight session, trading around 1.2710 during Asian hours on Monday. A weaker US dollar supports the pair. Sterling may face a challenge as the BoE is expected to cut interest rates by 60 basis points in 2024.
With the current uptrend remaining stable and the EMA 34.89 showing no signs of reversal, this is a supporting factor for this pair, helping to reduce short-term risks. Meanwhile, buyer confirmation above 1.2635 resistance is allowing technical buyers to materialize a bullish phase. Fundamentally and technically the market is showing positivity, these factors are currently the main drivers supporting the pair to test the limits of the 1.2855 channel at least.
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