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GBP/USD hot forecast on 5th October

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GBP/USD is trading above 1.36, losing ground after the dollar responded positively to the upbeat ISM Services PMI figure Sterling is weathering the EU-UK clash over the Northern Irish protocol and ongoing petrol shortages.

The currency pair has surpassed the 50 Simple Moving Average on the four-hour chart, benefiting from upside momentum. The Relative Strength Index (RSI) has stabilized and remains far from overbought conditions. All in all, bulls are gaining ground.

Resistance awaits at 1.3645, Monday's high point. It is followed by 1.3695, which capped GBP/USD in late October. Further above, 1.3725 and 1.3750 await the bulls.

Support is at 1.3580, the daily low, followed by 1.3525, a stepping stone on the way up. Far below, the late September abyss line of 1.34 comes into play.

The material has been provided by InstaForex Company - www.instaforex.com