$GBPUSD Forex Signal: Bullish, Approaching 9-Month High Price
on Monday last week that was weakly bullish, with room to rise before reaching the nearest resistance level at $1.2264. I was looking to enter a new long trade if we got a bullish bounce at the nearest support level of $1.2167, targeting the resistance level at $1.2264.The technical picture remains bullish
, as the downwards trend in the US Dollar continues over both the long and short terms. The British Pound is quite strong, and the price is now only about 100 pips from its highest price since June 2022.within which the price is firmly establishedRight now, the price seems to be running into some minor resistance at about $1.2325, but this can be overcome.
A pullback now to the nearest support level at $1.2292 followed by a firm bullish bounce should provide an excellent opportunity to enter a new long trade. This will look even better if the rejection of the confluent round number at $1.2300 is clear at the same time. Concerning the GBP, the Governor of the Bank of England will be testifying before the British Parliament about the US banking crisis at 9:45am London time. Regarding the USD, there will be a release of CB Consumer Confidence data at 3pm.
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