GBP/USD Remains Bullish Above 1.3550 Amid Weaker US Dollar
The GBP/USD currency pair strengthened to around 1.3555 during the early European session on Monday, supported by a weaker US dollar. This upward movement is attributed to growing trade uncertainties, prompting traders to reassess the US dollar’s role as a safe-haven asset.
Technically, the bullish outlook for GBP/USD persists as the pair remains above the key 100-day Exponential Moving Average (EMA). The Relative Strength Index (RSI) is also above the neutral level, indicating positive momentum.
Looking ahead, the immediate resistance level is at 1.3650, with further targets at 1.3748 and 1.3834. On the downside, support is observed at 1.3415, with additional levels at 1.3250 and 1.3110.
Impact: If trade uncertainties continue and the US dollar remains weak, GBP/USD could potentially rise further. However, a break below 1.3415 might lead to a downward correction.