Technical Analysis – GBPUSD edges higher after completing golden cross
GBPUSD has been attempting a rebound since September when the pair recorded an all-time low of 1.0324. Even though the price experienced a minor pullback after its advance got rejected at 1.2445, the recent completion of a golden cross between the 50- and 200-day simple moving averages (SMAs) has induced upside pressure.
The short-term oscillators currently suggest that bullish forces are reigning supreme. Specifically, the RSI is hovering above its 50-neutral mark, while the MACD histogram is strengthening above both zero and its red signal line.
Should the positive momentum intensify further, the pair could initially test the recent rejection region of 1.2445. Breaking above that zone, the bulls could aim for the May peak of 1.2666. Further advances could then come to a halt at the 1.3000 psychological mark, which acted as strong support in March 2022.
On the flipside, bearish actions could send the price to challenge the recent support of 1.2241. Should that floor collapse, the January low of 1.1840 may curb potential declines. Diving lower, the pair might face the October resistance of 1.1645, which could act as support in the future.
Overall, GBPUSD seems to have the necessary momentum to resume its medium-term rebound. Therefore, a break above the recent rejection point of 1.2445 could confirm the bullish scenario.
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