The GBP/USD exchange rate saw an upward movement in the latest intraday trading session, buoyed by a critical support level at 1.2865. This level provided the necessary foundation for the pair to gain bullish momentum, further supported by a positive signal from the Relative Strength Index (RSI).
This technical shift is occurring within the context of a prevailing short-term upward trend, backed by an ascending trendline, which increases the likelihood of continued upward movement. However, the pair still faces some technical resistance, particularly as it remains trading below the 50-period Exponential Moving Average (EMA50), potentially limiting its ability to fully recover in the near term.
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