#GBPUSD @ 1.22443 stretches recovery from 200-HMA, grinds near intraday high of late., @nehcap view: Further upside expcted (Pivot Orderbook analysis)

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• GBP/USD stretches recovery from 200-HMA, grinds near intraday high of late.
• 100-HMA, previous support line from early March challenge bulls.
• Upbeat oscillators, failure to break the key moving average keep buyers hopeful.

The pair currently trades last at 1.22443.

The previous day high was 1.2292 while the previous day low was 1.2191. The daily 38.2% Fib levels comes at 1.223, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2253, expected to provide resistance.

GBP/USD prints mild gains around mid-1.2200s as it defends the previous day’s rebound from the key moving average during early Monday’s sluggish trading.

In doing so, the Cable pair crosses a two-day-old descending resistance line, now immediate support around 1.2240.

It’s worth noting that the bullish MACD signals and gradually recovering RSI (14), not overbought also underpin the latest rebound in the Cable pair, which in turn suggests the quote’s further advances.

However, the 100-Hour Moving Average (HMA) restricts the immediate upside of the GBP/USD price to around the 1.2260 level.

Following that, the previous support line from March 08, close to 1.2320 at the latest, may act as the last defense of the GBP/USD pair sellers, a break of which opens the gate for the pair’s run-up towards the multiple tops marked during December 2022 and January 2023 near 1.2445-50.

On the contrary, pullback moves need to remain below the 1.2240 resistance-turned-support to lure intraday sellers.

Even so, the 200-HMA level of 1.2200 and the latest swing low of around 1.2190 can challenge the GBP/USD bears before giving them control.

Overall, GBP/USD is likely to grind higher but the upside momentum need validation from 1.2320.

Trend: Further upside expcted

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2244 at the time of writing. Pair opened at 1.2233 and is trading with a change of 0.09% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2085, 50 SMA 1.2148, 100 SMA @ 1.2093 and 200 SMA @ 1.1893.

The previous day high was 1.2292 while the previous day low was 1.2191. The daily 38.2% Fib levels comes at 1.223, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2253, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2185, 1.2137, 1.2083
• Pivot resistance is noted at 1.2287, 1.234, 1.2388

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