- GBP/USD targets 1.3000 as bullish harami pattern signals further gains.
- 100-day SMA at 1.2977 poses significant resistance for bullish momentum.
- Failure to clear resistance may trigger a pullback toward 1.2900, with 200-day SMA at 1.2808 as next support.
The Pound Sterling erased some of its Thursday’s losses against the Greenback and rose 0.56% above its opening price after a dismal US jobs report reassured investors the Federal Reserve would continue to ease policy. At the time of writing, the GBP/USD trades at1.2970
GBP/USD Price Forecast: Technical outlook
The GBP/USD is forming a ‘bullish harami’ candle pattern, which hints the pair could test the previous day’s high of 1.2999, opening the door to test the 1.3000 figure. However, strong resistance lies overhead at the 100-day Simple Moving Average (SMA) at 1.2977, which if decisively broken, 1.3000 would be up next.
On further strength, the pair can rise to the current week’s high at 1.3043—the October 30 high—before reaching 1.3100.
If GBP/USD fails to clear the 100-day SMA, a drop toward 1.2900 is on the cards. The next key support is seen at the 200-day SMA at 1.2808.
Oscillators suggests that buyers are gathering momentum, but with the Relative Strength Index (RSI) still far from reaching neutral levels,
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