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The GBP/USD pair rose to 1.2280 at the start of August before taking another leg lower to 1.2147. The pair briefly breached parity on 10 August, as markets reacted to US inflation figures. That was followed by an immediate rebound that sent the GBP/USD pair back above the 1.2147 level.
An alternative scenario is fixing above MA 100 H1 (1.2200), followed by growth to 1.2280 (high of the American session).
The GBP/USD pair broke resistance which turned to strong support at the level of 1.2181 yesterday. The level of 1.2181 coincides with a golden ratio (61.8% of Fibonacci), which is expected to act as major support today.
The Relative Strength Index (RSI) is considered overbought because it is above 60. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100).
Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.
This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.2181 with the first target at the level of 1.2292.
From this point, the pair is likely to begin an ascending movement to the point of 1.2292 and further to the level of 1.2350. The level of 1.2350 will act as strong resistance and the double top is already set at the point of 1.2292.
Intraday bias will be back to the downside for retesting 1.2147 low first. For now, outlook will stay bearish as long as 1.2147 support turned resistance holds, even in case of another rise.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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