LeoPrime Daily Market Analysis

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GBPUSD : Forecast


GBP/USD is suffering from a bit of downside Momentum but the Relative Strength Index is fairly balanced around 50. And while the pair trades below the 50 SMA, it is well above the 200 SMA. Support awaits at 1.3100 which is where the 200 SMA meets the chart. The round number was a support line in early March. Further down, 1.3005 was the low point last week and also provided support earlier in the month. 1.2960 is another double-bottom, followed by 1.2895 which cushioned the pair in mid-February. Looking up, 1.3225 was a high point early in the day, and it is also where the 50 SMA meets the chart. Far above, 1.3315 was a swing high last week and 1.3388 is the cycle high.

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