GBP/USD Targets 1.3000 Amid Growing Momentum

By Daniel M.

June 6, 2024   •   Fact checked by Dumb Little Man

GBP/USD broke through the 1.2800 resistance, supported by a major bullish trend line at 1.2750 on the 4-hour chart. Gold prices are climbing above the $2,350 resistance zone, while EUR/USD is targeting the 1.0950 level.

Source: DailyFX

The British Pound has maintained a positive stance above the 1.2650 support level against the US Dollar. GBP/USD accelerated above 1.2720 and 1.2750, entering a consolidation phase above 1.2750. A major bullish trend line is forming with support at 1.2750, with the primary support appearing near 1.2720 and the 100 simple moving average (red, 4-hour).

A downside break and close below the 1.2720 support zone could trigger a larger decline, potentially pushing the pair towards 1.2650.

On the upside, immediate resistance lies near the 1.2820 zone, with the first major resistance at 1.2850. A clear move above 1.2850 might propel the pair towards 1.2920, and further gains could target the 1.3000 level in the near term.

EUR/USD is displaying positive momentum, with bulls likely aiming for a move towards the 1.0950 level soon.

Daniel M.

Daniel Moore is a seasoned trading analyst with over 20 years of experience navigating the ever-evolving financial landscape. Renowned for his unconventional yet effective approach, Daniel utilizes a blend of technical and fundamental analysis to identify hidden gems and craft winning trade strategies. He is a master at demystifying complex market data and translating it into actionable insights for traders of all experience levels.

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