After forming a higher low at 1.2968, GBPUSD extended its rising to1.3349, before retreating for trading close to 1.33 unable to drop down its previous formed resistance on Jul. 9 at 1.3362.
GBPUSD which gained higher momentum this week is now in its eighth day of consecutive being above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.2918.
GBPUSD is still also underpinned by being well above its daily SMA50, its daily SMA100 and also its daily SMA200 became below the pair, after bouncing up from 1.2968 by the end of last week to form a higher low above its formed bottom on Feb. 14 at 1.2772.
GBPUSD daily RSI-14 is now referring to existence inside the overbought area above 70 reading 70.639.
GBPUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is still having its main line inside its overbought territory above 80 at 88.978 leading to the upside its signal line which is lower inside this same region reading 87.442, After positive crossover on forming 1.2968 bottom.
Important levels: Daily SMA50 @ 1.2895, Daily SMA100 @ 1.2932 and Daily SMA200 @ 1.3259
Experienced S&R:
S1: 1.2968
S2: 1.2772
S3: 1.2668
R1: 1.3362
R2: 1.3472
R3: 1.3617
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din