Pound Sterling Price News and Forecast: GBP/USD determined to push above 1.2800

GBP/USD: Bulls will get more freedom above 1.2800

Overview: Overall pair is trading and moving above all the major and minor EMA lines and but the momentum is too slow. Well, the way pair is trading and moving in it seems like the 1.2800 level can be a stumbling block for bulls which is a previous swing's high. Above the 1.2800 level, we can say that bulls will get more freedom and they will approach the 1.3000 level on the clear cut breakout of 1.2800 level.

Earlier pair was moving in a particular range of 1.2250 to 1.2700 but from the starting of this week, we have seen bullish sentiments on the pair and pair arrived at 1.2750 level today at the time of writing which is a bullish sign itself. GBP/USD determined to push above 1.2800

The GBP/USD is bullish. We can see a new rejection from the D L3 level which marks uptrend continuation.

1.2710-20 zone is where buyers are if the pair manages to hold above 1.2700 we should see another push towards higher levels. The first target is 1.2750. A close above 1.2750 will give another bullish impulse to the pair towards 1.2788 and 1.2811. The highest projected pivot target is 1.2833 and it can be reached if there is enough momentum above 1.2811. GBP/USD Forecast: Seems poised to move beyond 1.2800 mark

The GBP/USD pair had some good two-way price swings on Wednesday and was influenced by a combination of diverging factors. The Daily Telegraph – citing government sources – reported that the UK government and the EU will fail to sign a post-Brexit trade deal. The newspaper further added that the government expects to be trading on World Trade Organisation (WTO) terms when the transition period comes to an end. This comes days ahead of the UK Prime Minister Boris Johnson's July deadline for an outline agreement and revived fears of a no-deal Brexit. This, in turn, took its toll on the British pound and exerted some pressure on the major.

The pair slipped below mid-1.2600s, albeit managed to attract some dip-buying amid the emergence of some fresh selling around the US dollar. Worries that the continuous surge in new coronavirus cases in the US could delay the economic recovery, coupled with the impasse over the next round of US economic stimulus measures continued exerting pressure on the greenback. It is worth reporting that Republican-majority Senate has been ignoring a $3 trillion relief bill already passed by the Democrat-majority House of Representatives two months ago. 

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