GBP/USD Bulls Press Toward Key Resistance Level of $1.3600
The GBP/USD currency pair rose to its highest level since May 12, reaching around $1.3555 on Monday. This increase is attributed to fading expectations of an imminent Federal Reserve rate hike, which led to a decline in the US Dollar and an uptick in the British Pound.
According to strategists at UOB Group, their recent shift to a neutral stance on GBP was 'premature', as the Pound rose sharply above the major resistance level of $1.3555. They now believe that any advance will face firm resistance at $1.3600.
The technical analysis also supports the bullish bias, with the pair holding above the 50-day, 100-day, and 200-day Simple Moving Averages (SMAs). The Relative Strength Index (RSI) stands at 64.9, indicating firm bullish momentum without entering overbought territory.