GBP/USD is trading in the range between the support at 1.3535 and the resistance at 1.3550.British Pound Gains Some Ground Against U.S. DollarGBP/USD continues its attempts to settle above 1.3550 while U.S. dollar is flat against a broad basket of currencies.The U.S. Dollar Index remains stuck near 96.25. In case the U.S. Dollar Index settles above this level, it will move towards the next resistance level at 96.50 which will be bearish for GBP/USD.
Technical Analysis
GBP/USD is testing the resistance level at 1.3550. In case this test is successful, GBP/USD will move towards the next resistance level which is located at 1.3575. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
In case GBP/USD gets above the resistance at 1.3575, it will head towards the next resistance level at 1.3610. A move above this level will open the way to the test of the resistance at 1.3635.On the support side, the nearest support level for GBP/USD is located at 1.3535. In case GBP/USD manages to settle back below this level, it will move towards the support at 1.3500.
A successful test of the support at 1.3500 will push GBP/USD towards the next support at 1.3460. If GBP/USD declines below this level, it will get to the test of the next support level at the 20 EMA at 1.3450.
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