GBP/USD Price Analysis: Bullish pennant suggests further upside as US GDP looms GBPUSD Technical Analysis ChartPatterns SupportResistance GDP
Sustained break of 1.2410 confirms bullish pennant suggesting further upside toward 1.2550.200-SMA, weekly resistance-turned-support highlights 1.2365 as short-term key support.
GBP/USD buyers struggle to extend the previous day’s gains around 1.2400 heading into Thursday’s London open. Even so, the quote portrays a bullishThat said, the Cable pair’s latest inaction could be linked to the market’s cautious mood ahead of the first readings of the US fourth quarter Gross Domestic Product , expected to print annualized growth of 2.6% versus 3.2% prior. Also important to watch will be the US Durable Goods Orders for December and the Q4 Personal Consumption Expenditure data.
However, a clear upside break of the 1.2410 hurdle becomes necessary for the GBP/USD bulls to keep the reins. Following that, the theoretical target surrounding 1.2550 could lure the Cable buyers. Though, the May 2022 high near 1.2665 could challenge the quote’s further upside.remains above the stated pennant’s lower line, close to 1.2390 by the press time.
Even if the GBP/USD price breaks the 1.2390 support, the previous resistance line and 200-SMA could challenge the bears around 1.2360.
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