The
Sterling moved sharply higher against the US dollar on Thursday, succeeded to
move out of the narrow range in which varied lately and closed at
highest levels for the last three weeks.
The GBP/USD is currently trading at 1.2550, slightly above the bullish 20-day
SMA and very close to the upper side of latest range. The pair is seen gravitating around this level since yesterday and seems that bull are not fueled enough to occupy higher areas. The four-hour time frame
is showing that both RSI and Stochastic are placed within the overbought area,
but are starting to turn to south. Should the pair overcome the resistance at
1.2576, another positive outcome will be pace along with new daily highs above
1.2600 level. On the other hand, if retreats back to 1.2500 region,
bearish correction is underway, given also the fact that latest rally is due to
the broad US dollars weakness, rather than Sterling's strength.
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