-
GBPUSD rallies since August 8 with no bearish correction
-
Momentum oscillators are overbought levels
GBPUSD skyrocketed to another fresh almost two-and-a-half-year high of 1.3245, recorded earlier in the day. The pair is extending its buying interest, which started back in April with an impressive bullish rally after rebounding off the 200-day simple moving average (SMA) at 1.2670.
Technically, the stochastic oscillator is resting in the overbought territory, while the RSI is ticking north above the 70 level.
More advances could lead the market towards the next peak of 1.3310, which is taking off from the top in March 2022.
If the bears take the upper hand, then a negative retracement could come with first support at the inside swing high of 1.3140 from July 2023. Even lower, the 1.3045 is a key level for traders ahead of meeting the 20-day simple moving average (SMA) at 1.2900.
Overall, GBPUSD has added almost 5% over the last three weeks, and a negative scenario would only be on the table if there is a dive beneath the uptrend line and the 200-day SMA at 1.2700.
