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The GBP/USD pair has been rising across the board on a combination of hawkish Federal Reserve (Fed) bets and safe-haven flows.
On the upside, break of 1.1985 minor resistance will turn intraday bias neutral first. Therefore, our outlook will remain bullish as long as 1.1943 support holds.
The British pound initially tried to overcome the 1.1985 level during the month of July but has since rising rather significantly. At the end of the week, it looks as if the market is trying to break up above the 1.1900 handle, and it's very likely that we will continue to see upward pressure in this market to make a go looking to the 1.2054 level.
The GBP/USD pair has overcome since last week high and important psychological 1.2020 level. The resistance at the high of July was recently tested. Actually, the price is dealing with the levels around 1.2054.
Probably, the British Pound will continue to gain value against the U.S. Dollar from current levels in short term.
On the H1 chart. the level of 1.1985 coincides with 38.2% of Fibonacci, which is expected to act as minor support today. Since the trend is above the 38.2% Fibonacci level, the market is still in an uptrend.
Again, the price has been set above the strong support at the level of 1.1943, which coincides with the 38.2% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
But, major support is seen at the level of 1.1943.
Furthermore, the trend is still showing strength above the moving average (100).
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
The EUR/USD pair continues to move upwards from the level of 1.1985. Today, the first support level is currently seen at 1.1985 , the price is moving in a bullish channel now.
Forecast :
Pound Sterling is currently trading at 1.1985. However, if the trend reverses from this point, then a possible future share price target could be 1.2054. If the price of Pound Sterling is trading above 1.2054then possibility of upside targets getting achieved is higher around the levels of 1.2100 and 1.2164.
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