The GBP/USD currency pair is targeting the 1.3000 level after forming a bullish harami candle pattern, signaling further gains. The pair is currently trading at 1.2970, up 0.56% from its opening price, as a weak US jobs report has reassured investors that the Federal Reserve will continue to ease policy. The 100-day Simple Moving Average (SMA) at 1.2977 poses as significant resistance for bullish momentum, with the potential to trigger a pullback towards 1.2900 if not cleared.
If the GBP/USD pair manages to break above the 100-day SMA, it could target the previous day’s high at 1.2999 and eventually test the key psychological level of 1.3000. Further upside potential lies at the current week’s high of 1.3043 and the October 30 high of 1.3100. However, failure to clear the resistance could lead to a drop towards 1.2900, with the 200-day SMA at 1.2808 serving as the next support level.
Technical indicators suggest that buyers are gaining momentum, but the Relative Strength Index (RSI) has not reached neutral levels yet. The British Pound has shown strength against major currencies today, with the GBP being the strongest against the Swiss Franc. The table below shows the percentage change of the British Pound against other major currencies, highlighting its performance in comparison to the US Dollar, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, New Zealand Dollar, and Swiss Franc.
Overall, the GBP/USD pair is poised for further gains as the bullish harami pattern signals a potential move towards the 1.3000 level. However, traders should watch out for the 100-day SMA resistance at 1.2977, as a failure to break above this level could lead to a pullback towards 1.2900. The 200-day SMA at 1.2808 remains a key support level to watch in case of a downside movement. With technical indicators showing signs of bullish momentum, the Pound Sterling may continue to strengthen against the Greenback in the near term.
