GBPUSD is edging sideways slightly above the 100-day simple moving average (SMA) as directional impetus has disappeared. The SMAs are converging, largely endorsing a more neutral trend, with the gliding 200-day SMA nourishing bearish pressures, while the rising 50-day SMA is championing positive price moves.
Currently, the Ichimoku lines are not reflecting dominant directional forces, while the short-term oscillators are transmitting mixed and weak messages in momentum. The MACD is holding a tad above its zero and trigger lines, while the RSI has marginally improved from its 50 neutral threshold. Furthermore, it is uncertain how long the stochastic oscillator will sustain its minor negative charge.
In the positive scenario, a step over the Ichimoku lines could bring about the test of a resistance zone from the 1.3627 level until the 200-day SMA at 1.3688, before buyers aim for the January 13 peak of 1.3748. Additional progress may then tackle the neighbouring 1.3800-1.3834 barricade, which is linked to the October 2021 highs. Successfully conquering these obstacles could reinforce the bullish outlook with the price turning to its next possible target, the September 2021 high of 1.3912.
Alternatively, a fortified area of support from the 100-day SMA at 1.3500 until the Ichimoku cloud’s floor of 1.3453 may act promptly to deter sellers from resuscitating a negative price mood. However, if the price successfully navigates lower, the 1.3333-1.3384 support border may be challenged. If intensified selling overwhelms this base, it could boost the pair’s bearish tone, magnifying the significance of the 1.3105-1.3200 support foundation that has held since November 2020.
Summarizing, GBPUSD is marginally above the cloud and is exhibiting a neutral bearing squeezed between the SMAs. A dive below the 1.3333-1.3384 support could juice up negative pressures, while a price climb extending beyond the 200-day SMA at 1.3688 and the 1.3748 high may reinstate optimism in the pair.
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