#GBPUSD @ 1.23852 stays firmer at the highest levels in two months., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/USD stays firmer at the highest levels in two months.
• Successful trading above a fortnight-old ascending support line, 2.5-month-old horizontal area keeps Cable bulls hopeful.
• Multiple tops marked since early December 2022 highlights 1.2445-50 as the key upside resistance.
• Upbeat oscillators add strength to the bullish bias.

The pair currently trades last at 1.23852.

The previous day high was 1.2362 while the previous day low was 1.2303. The daily 38.2% Fib levels comes at 1.2325, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2339, expected to provide support.

GBP/USD bulls keep the reins around a two-month high near 1.2390 as they approach a critical resistance area during early Friday. In doing so, the Cable pair braces for a five-week uptrend.

That said, a sustained break of the 10-week-old horizontal resistance area, now support around 1.2285-65, joins the clear respect of a fortnight-long ascending trend line, close to 1.2320, to keep the GBP/USD pair buyers hopeful.

Adding strength to the upside bias are the bullish MACD signals and the firmer RSI (14) line, not overbought.

As a result, the Cable pair appears well-set to challenge an area comprising multiple tops marked since December 13, 2022, around mid-1.2400s.

Given the absence of the overbought RSI, in addition to the aforementioned price-positive catalysts, the GBP/USD is likely to cross the stated 1.2450 crucial resistance.

Following that, the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.2610 will be in focus.

Meanwhile, the previously stated support line and the broad horizontal area, respectively near 1.2320 and 1.2285-65, restrict short-term GBP/USD downside.

In a case where GBP/USD drops below 1.2265, the mid-month top around the 1.2200 threshold could lure the bears.

It should be noted that the 23.6% Fibonacci retracement of the Cable pair’s November 2022 to January 2023 moves, near 1.2140, precedes the 1.2000 psychological magnet to challenge the bulls afterward.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2386 at the time of writing. Pair opened at 1.2312 and is trading with a change of 0.60% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2127, 50 SMA 1.215, 100 SMA @ 1.2118 and 200 SMA @ 1.1894.

The previous day high was 1.2362 while the previous day low was 1.2303. The daily 38.2% Fib levels comes at 1.2325, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2339, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2289, 1.2267, 1.2231
• Pivot resistance is noted at 1.2348, 1.2384, 1.2407

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