The GBPUSD pair has been in a bearish movement since the beginning of 2021. The support level of GBPUSD stands at 1.03696, which was reached in September 2022. This point also stands as the all-time low of the pair. After this low, price rallied through the rest of the year, that is, in October, November, and December of 2022. The bullish momentum continued in 2023 as the bulls began to push price to new highs.
As it stands, the dollar has continued to lose its strength against the pounds. The GBPUSD bulls could push price higher in the coming weeks. The price could reach 1.25000. The current price as of the time of publishing this article is at 1.24210. On the monthly chart using the RSI, the price has been oversold. The candlesticks are in the upper region of the Bollinger Bands. There are higher lows and higher highs already being formed on the daily chart. If in the short-term, price is able to hit 1.25000 as mentioned above, then we forecast that the bulls might be able to push price to 1.26000 later in the year.
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Great commentary.