0810 GMT - GBP/USD is poised for a potential bullish breakout, based on technical charts, says Kelvin Wong, senior market analyst at Oanda, in an email. The currency pair has traded above its upward-sloping 50-day moving average since Nov. 14, and its movements have formed a bullish candlestick that has managed to engulf previous small candlesticks in place since Jan. 18, Wong says. The pair's daily relative strength index's momentum indicator has just posted a bullish breakout above prior resistance at the 55 level, Wong says. Focus is on a break above 1.2760, the upper boundary of GBP/USD's symmetrical triangle, followed by resistance at 1.2820 and 1.2880, Wong adds. GBP/USD is up 0.1% at 1.2756. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 02, 2024 03:10 ET (08:10 GMT)
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