GBP/USD stabilizes near six-month high
GBP/USD rally stalls near 6-month high. A close below 1.3600 targets 1.3530. Overbought signals warn of pullback. Risk: Watch 1.3655 cap.
XM Group
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15 days ago
Overview: GBP/USD pinned a six-month high of 1.3674 last Friday before shifting to the sidelines, aiming for a 3% monthly gain within a short-term ascending channel. Although the bulls retained control above 1.3600 in the next sessions, they lacked strong momentum to clear May’s resistance of 1.3656, raising speculation that the rally might be running out of steam.
Momentum: The price is testing the upper Bollinger band, while both the RSI and stochastic oscillator reflect exhaustion near overbought territory, pointing to a pullback.
Bearish scenario: A drop below 1.3600 could spark a retreat toward the 1.3530 support level, with a further breakdown targeting 1.3470.
Risk: A close above 1.3655 could invalidate the short-term bearish setup.
XM Group
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