GBPUSD has been showing signs of strength as it bounces back from its 50-day SMA, reaching its highest level since June 12. Momentum indicators are pointing upwards, indicating a positive trend for the pair.
Traders should be cautious as GBPUSD approaches a range that has previously acted as a barrier to further gains over the past year. If the pair continues to rise, it could break through the 1.2816-1.2859 range and target the 2024 high of 1.2892. Further resistance levels include the July 2023 resistance of 1.2994.
On the other hand, if there is a pullback, the April resistance of 1.2708 could provide initial support. Additional support levels are at 1.2620-1.2598, marked by the June and March lows, and the February bottom of 1.2517.
While GBPUSD has been making strides towards its 2024 peaks in recent sessions, a failure to reach new highs could lead to a potential pullback in the pair. Traders should closely monitor price movements and adjust their strategies accordingly.
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