Forex
GBP/USD Bulls Eye 1.3600 Target as Sterling Trades Sideways
The Pound Sterling (GBP) has been trading sideways against the US Dollar (USD), but still maintains an upside bias above 1.3406.
According to TMGM's analysis, a break above 1.3558 could unlock the path towards 1.3600, which would be a test of the May 11 swing high at 1.3653, followed by 1.3700.
If GBP/USD remains below 1.3500, however, a pullback towards August's low of 1.3417 is likely, exposing the convergence of the 100- and 200-day Simple Moving Averages (SMAs) at 1.3406/05, followed by the 50-day SMA at 1.3365.
The current price action shows that GBP/USD is consolidating, yet it is slightly tilted to the upside after clearing the 200-day Simple Moving Average at 1.3406.