#GBPUSD @ 1.21675 is facing stubborn barricades around 1.2200 as anxiety soars ahead of Fed Powell’s speech. (Pivot Orderbook analysis)

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• GBP/USD is facing stubborn barricades around 1.2200 as anxiety soars ahead of Fed Powell’s speech.
• The US Dollar Index (DXY) is aiming to extend its recovery to near the round-level resistance of 103.00.
• A bull cross, represented by the 20-and 50-period EMAs at 1.2040, adds to the upside filters.

The pair currently trades last at 1.21675.

The previous day high was 1.221 while the previous day low was 1.2086. The daily 38.2% Fib levels comes at 1.2163, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2134, expected to provide support.

The GBP/USD pair is continuously facing heat in attempts of breaking above the immediate resistance of 1.2200 in the Asian session. The market mood has turned sour as risk-sensitive assets like S&P500 futures have extended their losses in Tokyo. Also, the 10-year US Treasury yields have escalated to near 3.54%.

The US Dollar Index (DXY) is aiming to extend its recovery to near the round-level resistance of 103.00 as anxiety among investors is soaring ahead of the speech from Federal Reserve (Fed) chair Jerome Powell’s speech.

On a four-hour scale, the Cable has corrected marginally after delivering a break above the horizontal resistance plotted from November 24 high at 1.2153. Correction in cable seems healthy amid the absence of wider ticks, which might result in a resumption of an upside journey going ahead.

A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at 1.2040, adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates that the upside momentum is still solid.

Should the asset break above Thursday’s high at 1.2210, Pound Sterling bulls will drive Cable towards December 5 high at 1.2344 followed by December 14 high at 1.2446.

Alternatively, a slippage below Thursday’s at 1.1873 will drag the major toward November 21 low around 1.1778. A breakdown of the latter will expose Cable for more downside towards the round-level support at 1.1700.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2165 at the time of writing. Pair opened at 1.218 and is trading with a change of -0.12 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2106, 50 SMA 1.1971, 100 SMA @ 1.1673 and 200 SMA @ 1.2014.

The previous day high was 1.221 while the previous day low was 1.2086. The daily 38.2% Fib levels comes at 1.2163, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2134, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2108, 1.2035, 1.1984
• Pivot resistance is noted at 1.2231, 1.2283, 1.2355

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