GBP/USD Sets Recovery Target Amid UK Economic Growth
The GBP/USD pair has set a target to extend its recovery time to the highest level within a week, reaching 1.2660 in Thursday's trading session in London. This is the result of positive growth in the UK economy. Meanwhile, the US Dollar is showing weakness due to the ISM Services PMI data from the United States. The decline in US economic activity has reduced the value of the USD against the GBP.
Technical analysis shows that the price has crossed above the simple moving averages SMA 20 and SMA50, indicating the possibility of a short-term uptrend. If the price breaks above the SMA 100, it could experience a stronger rally. The Relative Strength Index (RSI) is currently oscillating in the 60 range, indicating growth in the price trend. This provides a positive outlook for the GBP/USD currency pair in the near future on the international market.
Technical analysis shows that the price has crossed above the simple moving averages SMA 20 and SMA50, indicating the possibility of a short-term uptrend. If the price breaks above the SMA 100, it could experience a stronger rally. The Relative Strength Index (RSI) is currently oscillating in the 60 range, indicating growth in the price trend. This provides a positive outlook for the GBP/USD currency pair in the near future on the international market.
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