#GBPUSD @ 1.20235 pares the first weekly gain in three as traders brace for the key data/events., @nehcap view: Limited upside expected (Pivot Orderbook analysis)
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- GBP/USD pares the first weekly gain in three as traders brace for the key data/events.
- Upside break of one-month-old descending trend line, bullish MACD signals favor buyers.
- Bulls need clear break of 50-DMA to retake control; 200-DMA puts a floor under the Cable price.
The pair currently trades last at 1.20235.
The previous day high was 1.2049 while the previous day low was 1.1943. The daily 38.2% Fib levels comes at 1.2008, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1983, expected to provide support.
GBP/USD bulls take a breather around 1.2030 during Monday’s initial Asian session, after posting the biggest weekly jump since mid-January.
In doing so, the Cable pair fails to extend the previous day’s upside break of the one-month-old descending resistance line, now support around 1.2020.
However, the Cable price is yet to drop back below the resistance-turned-support and the MACD signals are bullish too, which in turn keeps the GBP/USD buyers hopeful amid steady RSI. Adding strength to the upside bias is the quote’s successful trading beyond the 200-DMA.
In addition to the 200-DMA support of around 1.1900, an upward-sloping trend line from early January, close to 1.1940 at the latest, also acts as the short-term key support for the GBP/USD pair.
In a case where the GBP/USD remains bearish past 1.1900, lows marked during January 2023 and late November 2022, respectively near 1.1840 and 1.1760, will be in focus.
On the flip side, a daily closing beyond the 50-DMA hurdle surrounding 1.2140 could quickly propel the Cable pair toward the mid-February swing high surrounding 1.2270.
It’s worth noting, however, that the GBP/USD pair’s successful trading above 1.2270 enables the buyers to aim for the 2.5-month-old horizontal resistance area nearing 1.2445-50.
Trend: Limited upside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2033 at the time of writing. Pair opened at 1.2045 and is trading with a change of -0.10% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2033 |
| 1 | Today Daily Change | -0.0012 |
| 2 | Today Daily Change % | -0.10% |
| 3 | Today daily open | 1.2045 |
The pair is trading below its 20 Daily moving average @ 1.2047, below its 50 Daily moving average @ 1.2141 , above its 100 Daily moving average @ 1.1985 and above its 200 Daily moving average @ 1.1916
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2047 |
| 1 | Daily SMA50 | 1.2141 |
| 2 | Daily SMA100 | 1.1985 |
| 3 | Daily SMA200 | 1.1916 |
The previous day high was 1.2049 while the previous day low was 1.1943. The daily 38.2% Fib levels comes at 1.2008, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1983, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.1975, 1.1906, 1.1869
- Pivot resistance is noted at 1.2081, 1.2118, 1.2188
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2049 |
| Previous Daily Low | 1.1943 |
| Previous Weekly High | 1.2143 |
| Previous Weekly Low | 1.1922 |
| Previous Monthly High | 1.2402 |
| Previous Monthly Low | 1.1915 |
| Daily Fibonacci 38.2% | 1.2008 |
| Daily Fibonacci 61.8% | 1.1983 |
| Daily Pivot Point S1 | 1.1975 |
| Daily Pivot Point S2 | 1.1906 |
| Daily Pivot Point S3 | 1.1869 |
| Daily Pivot Point R1 | 1.2081 |
| Daily Pivot Point R2 | 1.2118 |
| Daily Pivot Point R3 | 1.2188 |
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