#GBPUSD @ 1.20243 picks up bids to reverse the week-start pullback., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- GBP/USD picks up bids to reverse the week-start pullback.
- Ascending trend line from the last Thursday restricts immediate downside, 100-SMA guards further advances.
- A clear break of two-month-old support line becomes necessary for the Cable bears to retake control.
- MACD conditions, repeated bounces off short-term support line keep buyers hopeful.
The pair currently trades last at 1.20243.
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 prints mild gains around 1.2030 as it pares the week-start losses during early Tuesday’s trading.
In doing so, the Cable pair marks another bounce off the ascending support line from the last Thursday. Additionally luring the buyers are the bullish MACD signals.
However, the 100-SMA level surrounding 1.2040 caps the GBP/USD pair’s immediate upside.
Following that, a downward-sloping resistance line from early February, near 1.2050, appears the key for the pair buyers to cross if they wish to keep the reins and aim for the 200-SMA hurdle surrounding 1.2150.
It should be noted that the mid-February highs near 1.2270 could lure the GBP/USD bulls past 1.2150.
On the flip side, a clear break of the immediate support line, near 1.2010 by the press time, needs validation from the 1.2000 psychological magnet to convince the Cable bears.
Even so, an upward-sloping support line from early January, close to 1.1940 by the press time, becomes crucial for the GBP/USD bears to conquer to retake control.
Should the quote successfully breaks the 1.1940 support, the odds of witnessing a slump to the yearly low of 1.1841 can’t be ruled out.
Trend: Further upside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2026 at the time of writing. Pair opened at 1.2045 and is trading with a change of -0.16% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2026 |
| 1 | Today Daily Change | -0.0019 |
| 2 | Today Daily Change % | -0.16% |
| 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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