#GBPUSD @ 1.24398 struggles to extend four-day uptrend at weekly high., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/USD struggles to extend four-day uptrend at weekly high.
• 50-DMA guards Cable’s immediate upside ahead of multi-month-old ascending resistance line.
• Previous resistance line from mid-May, impending bull cross on MACD challenge Pound Sterling sellers.
• Cautious mood ahead of top-tier data/events checks pair’s momentum but bulls stay hopeful.

The pair currently trades last at 1.24398.

The previous day high was 1.2444 while the previous day low was 1.2348. The daily 38.2% Fib levels comes at 1.2408, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2385, expected to provide support.

GBP/USD grinds near weekly high as bulls and bears jostle ahead of the key data/events scheduled for publishing on Thursday. That said, the Cable pair makes rounds to 1.2450 during early Thursday morning in Europe amid the latest retreat in the US Dollar, mainly due to the cautious optimism and receding hawkish Fed bias. It’s worth noting that the increasing hopes of the Bank of England’s (BoE) further rate increases also favor the Pound sterling buyers.

Technically, the 50-DMA hurdle of 1.2450 restricts the immediate upside of the GBP/USD pair amid a steady RSI (14) line. However, an impending bull cross on the MACD and the quote’s sustained break of a one-week-old descending resistance line allow the buyers to remain hopeful.

Although the aforementioned catalysts suggest the GBP/USD pair’s run-up beyond the 50-DMA immediate hurdle of around 1.2450, an upward-sloping resistance line from late 2022, close to 1.2465 by the press time, could challenge the Cable pair buyers afterward.

Following that, the mid-April high of nearly 1.2550 will act as the last defense of the Pound Sterling bears.

On the contrary, GBP/USD pullback remains elusive unless staying beyond a two-week-old previous resistance line, around 1.2400 at the latest.

In a case where the GBP/USD pair drops below 1.2400, the latest trough surrounding 1.2305 will lure the Cable bears.

Should the Pound Sterling remains weak past 1.2305, the 50% and 61.8% Fibonacci retracement of its March-May upside, respectively near 1.2240 and 1.2135, will be in focus.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2437 at the time of writing. Pair opened at 1.244 and is trading with a change of -0.02% % .

The pair is trading below its 20 Daily moving average @ 1.2474, below its 50 Daily moving average @ 1.2444 , above its 100 Daily moving average @ 1.2295 and above its 200 Daily moving average @ 1.1987

The previous day high was 1.2444 while the previous day low was 1.2348. The daily 38.2% Fib levels comes at 1.2408, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2385, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2377, 1.2315, 1.2281
• Pivot resistance is noted at 1.2474, 1.2507, 1.257

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