The GBP/USD pair is currently trading above the crucial level of 1.3100, indicating that buyers are in control of the market sentiment. The Relative Strength Index (RSI) also confirms this bullish view, suggesting that the pair may be eyeing the 1.3200 resistance level in the near term. If the pair manages to clear the hurdle at 1.3179, it could pave the way for a retest of the March 2022 high at 1.3298. Further upside momentum could potentially drive the pair towards the key level of 1.3437.
However, in case of a pullback below the immediate support at 1.3150, the pair may face a test of the critical support zone between 1.3100 and 1.3044. A breach of this area could heighten the downside pressure, possibly leading to a deeper retracement towards the 50-day moving average (DMA) at 1.2914. Traders should closely monitor these levels to gauge the strength of the current bullish momentum and be prepared for any potential downside risks.
Overall, the GBP/USD pair appears to be in a strong uptrend, supported by the positive RSI readings and the ability to hold above the 1.3100 level. Traders should keep a close eye on the 1.3200 resistance and the March high at 1.3298 as key levels to watch for potential breakout opportunities. On the downside, the 1.3100-1.3044 support zone will be crucial in determining the next directional move for the pair. It is important for traders to remain vigilant and adapt their trading strategies based on the evolving market dynamics to capitalize on potential trading opportunities in the GBP/USD pair.