The GBP/USD Forecast shows that the Pound Sterling is approaching a key resistance level after closing higher on Thursday. The pair reached its strongest level in nearly a year, just above 1.2950. The technical outlook indicates that the pair is currently overbought.
The GBP/USD Elliott Wave Analysis on the daily chart suggests an impulsive trend movement, signaling a strong market direction with significant momentum. The current wave structure is Navy Blue Wave 3 within Gray Wave 3, indicating a powerful trend continuation.
Overall, the GBP/USD pair is showing strength and potential for further upward movement in the near term. Traders should keep a close eye on key resistance levels for potential breakout opportunities.