#GBPUSD @ 1.25761 struggles after refreshing 11-month high, eases of late., @nehcap view: Pullback expected (Pivot Orderbook analysis)

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• GBP/USD struggles after refreshing 11-month high, eases of late.
• Overbought RSI, easing bullish bias of MACD tease intraday sellers.
• Cable pair buyers need validation from three-week-old ascending resistance line.

The pair currently trades last at 1.25761.

The previous day high was 1.259 while the previous day low was 1.2464. The daily 38.2% Fib levels comes at 1.2542, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2512, expected to provide support.

GBP/USD bulls take a breather around 1.2580, after rising to the highest levels since June 2021 early Thursday. That said, the Cable pair initially cheered the US Federal Reserve’s (Fed) dovish hike before retreating from an upward-sloping resistance line from April 14.

Given the quote’s pullback from the short-term key resistance line joining the overbought RSI (14) and easing the bullish bias of the MACD, the GBP/USD price may witness further pullback.

However, an ascending trend line from Tuesday, near 1.2525 by the press time, restricts the immediate downside of the Pound Sterling.

Following that, the GBP/USD bears may prod the 200-Hour Moving Average (HMA) support of near 1.2485.

In a case where the Cable pair remains bearish past 200-HMA, the weekly low of 1.2435 can act as the last defense of the buyers.

Meanwhile, GBP/USD bulls need to provide a successful upside break of the aforementioned three-week-old ascending resistance line, around 1.2595 by the press time, to keep the reins.

Even so, the 1.2600 round figure and the May 2022 peak of around 1.2665 can challenge the GBP/USD bulls before directing them to the 1.2700 round figure.

Overall, GBP/USD remains on the bull’s radar even if the upside room appears limited.

Trend: Pullback expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2576 at the time of writing. Pair opened at 1.2563 and is trading with a change of 0.10% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2458, 50 SMA 1.2277, 100 SMA @ 1.2217 and 200 SMA @ 1.1946.

The previous day high was 1.259 while the previous day low was 1.2464. The daily 38.2% Fib levels comes at 1.2542, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2512, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2488, 1.2412, 1.2361
• Pivot resistance is noted at 1.2615, 1.2666, 1.2741

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