Pound reached its monthly high

29 March, 2017

The pound reached its monthly high awaiting for the historic triggering of the Article 50 by Theresa May on Wednesday.

Current situation

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit during the night trades. The decline stopped at 1.2538 where the spot found fresh bids in the morning. A fresh buying interest helped the pound to reverse recent losses and to approach 1.2600. However, the upward trajectory stalled around the level, the spot pulsed back and moved to 1.2540. The pair GBP/USD was above the moving averages in the 4 hours chart. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the same timeframe. The resistance lies at 1.2600, the support comes in at 1.2500.
MACD remained at the same level which confirms the strength of buyers. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

Inability to post fresh gains may cause some profit-taking action from buyers. Our current short-term objective for the GBP/USD is 1.2500.

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