GBP/USD loses upside momentum into year-end GBP/USD briefly made a new five-month high at $1.2828 on Thursday before giving back some of its gains as
GBP/USD loses upside momentum into year-end
GBP/USD briefly made a new five-month high at $1.2828 on Thursday before giving back some of its gains as traders bought back their short US dollar positions.
Since negative divergence accompanied the daily Relative Strength Index (RSI), a possible top may be formed in the first week of 2024 which could take the currency pair through its November-to-December uptrend line at $1.2650. First, though, a fall through Thursday’s low at $1.2713 would need to occur.
Resistance remains to be seen at last week’s high at $1.2762 above which sits the more significant $1.2794 to $1.2828 resistance area which consists of the 10 August high at $1.2819 and the recent December peaks.
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