Technical analysis: GBP/USD bulls remain on the offensive

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Daily Market Commentary" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/06/European-Markets.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><h2>Short-Term Price Action Edging North of $1.31</h2>
<p>As evident from the H1 timeframe, buyers and sellers are squaring off around the $1.31 level, following the (almost) one-sided push north after retesting the widely watched $1.30 psychological base in early London. Overhead resistance is at $1.3154, while support can be seen at $1.3055, together with a nearby trendline support taken from the low of $1.2750. From the H1 chart, we can also see that the RSI is exploring overbought space, though, as of yet, there are no signs of negative divergence.</p>
<p><img decoding="async" class="alignnone wp-image-27250 size-full" src="https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/GBPUSD_2023-07-13_17-28-59.png" sizes="(max-width: 2449px) 100vw, 2449px" srcset="https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/GBPUSD_2023-07-13_17-28-59.png 2449w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/GBPUSD_2023-07-13_17-28-59-300×152.png 300w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/GBPUSD_2023-07-13_17-28-59-768×388.png 768w, https://www.fpmarkets.com/blog/wp-content/uploads/2023/07/GBPUSD_2023-07-13_17-28-59-1024×517.png 1024w" alt="GBP/USD Bulls Remain on the Offensive, FP Markets" width="2449" height="1237" />Charts: TradingView</p>
<p>In case you missed it, Technical analysis: Tesla (TSLA) remains technically overbought… <a href="https://www.leaprate.com/forex/market-news/technical-analysis-tesla-tsla-remains-technically-overbought/" target="_blank" rel="noopener">Read More</a></p>
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<p><em><strong>Disclaimer</strong>: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.<br />
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<p><em>Opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.</em></p>
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<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/technical-analysis-gbp-usd-bulls-remain-on-the-offensive/">Technical analysis: GBP/USD bulls remain on the offensive</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>