28.03.2023 09:26 PM
GBP/USD: 1.2343 as resistance

The GBP/USD pair rallied in the short term, reaching the 1.2349 high today. The USD took a hit from the DXY's sell-off. After its strong growth, the currency pair could retreat a little before extending its advance. It could test and retest the near-term support levels before jumping higher.

Fundamentally, CBI Realized Sales came in at 1 versus -2 expected yesterday, while today, the BRC Shop Price Index rose by 8.9%. The currency pair rallied after mixed US data reported on Friday. Today, the US reported mixed data as well. The CB Consumer Confidence came in at 104.2 points versus 101.0 expected.

GBP/USD Strongly Bullish!

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Technically, the rate climbed higher after failing to reach and retest the 1.2178 former low. It has extended its rally after retesting the lower median line (lml). Now, it has reached the 1.2343 former high which stands as a static resistance.

After its strong growth, a retreat or a sideways movement is natural. It could come back to test and retest the weekly R1 of 1.2343.

GBP/USD Forecast!

Stabilizing above the weekly R1 (1.2330) and making a valid breakout through 1.2343 activates further growth and is seen as a bullish signal.

Ralph Shedler,
Analytical expert of InstaForex
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