#GBPUSD @ 1.24298 grinds higher after crossing one-week-long descending trend line, up for the second consecutive day., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/USD grinds higher after crossing one-week-long descending trend line, up for the second consecutive day.
• Looming bull cross on MACD, sustained trading above short-term key support line, 100-SMA favor Cable buyers.
• Bears need validation from 1.2180 to retake control.

The pair currently trades last at 1.24298.

The previous day high was 1.2457 while the previous day low was 1.2381. The daily 38.2% Fib levels comes at 1.2428, expected to provide support. Similarly, the daily 61.8% fib level is at 1.241, expected to provide support.

GBP/USD prints mild gains around 1.2430 as traders await the week’s key catalysts headlines into Wednesday’s London open.

Also read: GBP/USD stays defensive above 1.2400, focus on US inflation, BoE’s Bailey and Fed Minutes

In doing so, the Cable pair struggles to cheer the recent upside break of the one-week-old descending trend line, now immediate support around 1.2415.

However, an impending bull cross on the MACD indicator joins the GBP/USD pair’s successful trading above 100-SMA and an upward-sloping trend line from March 24 keeps the buyers hopeful.

As a result, the bulls can ignore the latest inaction while keeping their eyes on the Year-To-Date (YTD) high of 1.2525, marked earlier in April.

Following that, the 1.2600 round figure and the May 2022 peak of around 1.2665 will be in focus.

Meanwhile, GBP/USD may witness intraday selling on a clear downside break of the nearby resistance-turned-support line of around 1.2415.

In that case, the three-week-old support line and the 100-SMA, respectively near 1.2370 and 1.2355, will be in focus.

It’s worth noting, however, that the GBP/USD bears should remain cautious until witnessing a daily closing below the one-month-long horizontal support zone surrounding 1.2200-2180.

Overall, GBP/USD remains on the bull’s radar even if the pre-data anxiety prods upside momentum of late.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.243 at the time of writing. Pair opened at 1.2425 and is trading with a change of 0.04% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2317, 50 SMA 1.2158, 100 SMA @ 1.217 and 200 SMA @ 1.1906.

The previous day high was 1.2457 while the previous day low was 1.2381. The daily 38.2% Fib levels comes at 1.2428, expected to provide support. Similarly, the daily 61.8% fib level is at 1.241, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2385, 1.2344, 1.2308
• Pivot resistance is noted at 1.2461, 1.2497, 1.2537

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