As scrutinized in the previous session, GBP/USD has maintained a strong bullish trend, with the market sentiment leaning towards further strength due to the weakened USD post-Fed's decision to halt rate hikes amidst lower CPI figures.
Technical analysis: The pair's recent break above the key resistance zone around 1.2559, now retesting as support, sets a positive tone. The decisive push above this level, paired with the 0.618 Fibonacci retracement aligning near the same point, bolsters the bullish case. Further upside potential is eyed, with the previous high near 1.2660 serving as the next target for bulls.
With a bullish outlook reinforced by fundamental factors, I am actively seeking entries for long positions, capitalizing on the "Buy on Dips" approach, especially as price action hovers above the crucial 1.2559 support. The focus remains on the 1.2660 level, where a breakout would further solidify the current bullish momentum for GBP/USD.
Technical analysis: The pair's recent break above the key resistance zone around 1.2559, now retesting as support, sets a positive tone. The decisive push above this level, paired with the 0.618 Fibonacci retracement aligning near the same point, bolsters the bullish case. Further upside potential is eyed, with the previous high near 1.2660 serving as the next target for bulls.
With a bullish outlook reinforced by fundamental factors, I am actively seeking entries for long positions, capitalizing on the "Buy on Dips" approach, especially as price action hovers above the crucial 1.2559 support. The focus remains on the 1.2660 level, where a breakout would further solidify the current bullish momentum for GBP/USD.