Technical Analysis: GBPUSD

GBPUSD broke above the 1.30 mark

On Tuesday, GBPUSD continued climbing. It broke above the 1.30 mark to a four-month high.

The USDX hit a 5-month low

On Tuesday, the USDX resumed declining and hit a 5-month low. It ended down 0.14% at 103.21.

The BOE is expected to keep the interest rate unchanged

The BOE (Bank of England) will release the interest rate decision this week. It is now expected that the BOE will keep the interest rate unchanged at 4.5% because of rising inflation and uncertainty over geopolitical tension.

Technically speaking, the bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that GBPUSD will rise further. Investors should focus on whether GBPUSD will break through the resistance at 1.304. It will rise further with potential resistance at 1.310 if it breaks above 1.304.

4-hour chart

On the 4-hour chart, GBPUSD was prone to fluctuation and climbed in the short term. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.295. It will rise further if it retreats but is stable above 1.295.

Key resistance: 1.304,1.310

Key support: 1.295,1.291

Generally speaking, GBPUSD is more likely to rise further in the short term. Investors should focus on the US Fed interest rate decision during the day.