#GBPUSD @ 1.21526 rebounds from intraday low, stays indecisive after reversing from one-month high the previous day., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• GBP/USD rebounds from intraday low, stays indecisive after reversing from one-month high the previous day.
• One-week-old ascending trend line, weekly range’s lower band strengthens 1.2140-35 support confluence.
• Bulls need validation from 1.2205 to probe mid-February highs.

The pair currently trades last at 1.21526.

The previous day high was 1.2204 while the previous day low was 1.2136. The daily 38.2% Fib levels comes at 1.2162, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2178, expected to provide resistance.

GBP/USD reverses from the intraday low surrounding 1.2145 amid the initial hour of Wednesday’s London open. The Cable pair, however, stays within a week-long trading range between 1.2135 and 1.2205.

The quote’s latest rebound could be linked to its U-turn from the 50-Hour Moving Average (HMA), around 1.2150 by the press time. However, the sluggish MACD signals suggest the continuation of the grind inside the aforementioned 70-pip range established since Monday.

That said, an upward-sloping trend line from the last Wednesday adds strength to the 1.2135 support.

It should be noted that the 100-HMA and the 200-HMA, respectively near 1.2060 and 1.2000 in that order, act as additional downside filters before giving control to the GBP/USD bears.

Alternatively, a successful break of 1.2205 enables the Cable pair buyers to challenge the mid-February high surrounding 1.2270.

In a case where the GBP/USD price remains firmer past 1.2270, the 1.2300 can act as an intermediate halt before highlighting the 1.2445-50 key horizontal hurdle that restricted the pair’s upside during late 2022 and early 2023.

Overall GBP/USD remains on the bull’s radar despite the previous day’s pullback from a one-month high.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2154 at the time of writing. Pair opened at 1.2158 and is trading with a change of -0.03% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2015, 50 SMA 1.2135, 100 SMA @ 1.2033 and 200 SMA @ 1.1897.

The previous day high was 1.2204 while the previous day low was 1.2136. The daily 38.2% Fib levels comes at 1.2162, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2178, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2128, 1.2097, 1.2059
• Pivot resistance is noted at 1.2196, 1.2235, 1.2265

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