- The Sterling is rising sharply this Tuesday as the Greenback is weakening across the board.
- The market is challenging multi-week highs and if GBP/USD surpasses the 1.2510 resistance, it can open the gates to more gains.
GBP/USD daily chart
The Pound is trading in a bear trend below the 100 and 200-day simple moving averages (SMAs). However, in September, GBP/USD has been on the rise as the market is challenging the 1.2500 handle and the 100 SMA.
GBP/USD four-hour chart
The Pound is trading above the main SMAs, suggesting bullish momentum in the medium term. The market is testing multi-week highs near the 1.2500 handle. On a break above 1.2512, GBP/USD might continue to rise towards 1.2551 and 1.2577 price levels, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
The Sterling erased the Monday’s losses and is clinging to daily highs. Immediate support is seen at 1.2486 and 1.2447. Furter down lie 1.2422 and 1.2396, according to the Technical Confluences Indicator.
Additional key levels