GBP/USD Rebounds at 1.35, But Still Wary of Correction
GBP/USD strengthened again and traded around 1.3560 during Friday's Asian session, after bouncing from the 1.3520 support area. This bounce occurred because buyers entered the lower area of the ascending channel, which has been the "floor" for the pound's movement.
Technically, GBP/USD remains near the lower boundary of the ascending channel, so there is a risk of a correction if selling pressure reappears. The 14-day RSI indicator remains around 50, indicating that momentum remains neutral—it is unclear whether it will continue to rise aggressively or begin to weaken.
In terms of moving averages, the pair remains above the 50-day EMA (±1.3496), which supports the intermediate trend. However, its rise is being held back by the 9-day EMA (±1.3626), so short-term upside appears to be "resistant" and is likely to trigger a consolidation phase first.
Important levels for traders to monitor are below: support at 1.3520, then 1.3496 (50-EMA). A breakout and daily close below the 50-EMA could strengthen the bearish bias, paving the way for the next support area at 1.3350.
On the upside, the nearest target is 1.3626. If the price can close daily above that level, the opportunity to continue to 1.3869 (the most recent peak at the end of January) increases, with the potential for a test of the upper channel area around 1.4050 if momentum strengthens again. (asd)
Source: Newsmaker.id
