GBP/USD has more room to the upside, acceptance above 1.37 is critical. Bulls remain in charge as long as the cable holds above 21-DMA. The spot set to test rising channel resistance above 1.38 amid bullish RSI. GBP/USD is building onto the recent recovery rally, as the bulls look to recapture the 1.3700 level amid persistent US dollar’s weakness and upbeat UK CPI figures. Further, the UK’s incredible efforts of ramping up inoculations also seem to bode well for the pound, as the risk-on mood keeps it alive and kicking. The cable has additional room for advances, as depicted by its daily technical chart. The price trends higher in a potential rising channel formation, with the immediate upside likely capped at 1.3700, the orange horizontal trendline resistance. Acceptance above the latter is critical to resuming its journey towards the 1.3800 mark. Further up, the channel resistance at 1.3840 could be challenged, as the 14-day Relative Strength Index (RSI) remains firmly bullish, currently at 60.00. The bullish bias remains intact so long as the price holds above the 21-daily moving average (DMA) at 1.3592. A breach of the last could trigger a fresh sell-off, with the buyers eyeing the upward-sloping 50-DMA at 1.3451 to their rescue. Read: GBP/USD Price Forecast 2021: Cable braces for calendar comeback amid three exits GBP/USD: Daily chart GBP/USD: Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan concludes contract with Pfizer to procure 144M doses of covid vaccines in 2021 FX Street 2 years GBP/USD has more room to the upside, acceptance above 1.37 is critical. Bulls remain in charge as long as the cable holds above 21-DMA. The spot set to test rising channel resistance above 1.38 amid bullish RSI. GBP/USD is building onto the recent recovery rally, as the bulls look to recapture the 1.3700 level amid persistent US dollar’s weakness and upbeat UK CPI figures. Further, the UK’s incredible efforts of ramping up inoculations also seem to bode well for the pound, as the risk-on mood keeps it alive and kicking. The cable has additional room for advances, as depicted by its… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
