The GBPUSD pair is trading close to its highest level since April 2022, which was reached the day before. According to @nehcap’s perspective, a retreat is anticipated.
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- GBP/USD grinds near the highest level since April 2022, marked the previous day.
The pair currently trades last at 1.28638.
The previous day high was 1.285 while the previous day low was 1.2726. The daily 38.2% Fib levels comes at 1.2802, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2773, expected to provide support.
GBP/USD bulls take a breather at the highest levels since April 2022, making rounds to 1.2860-65 amid the early hours of Tuesday’s Asian session. In doing so, the Cable traders await the latest round of UK employment data to confirm the recent hawkish comments from Bank of England (BoE) Governor Andrew Bailey.
Also read: GBP/USD hits YTD high amid USD weakness, cautiously eyes 1.3000 amid BoE speculations
Apart from the BoE Governor Bailey’s speech, the Pound Sterling’s ability to cross the 1.2850 hurdle, comprising multiple tops marked since late June, also keeps the GBP/USD pair buyers hopeful ahead of the key UK jobs report. Adding strength to the upside bias are the bullish MACD signals.
However, the overbought RSI (14) line checks the bulls within a two-month-old rising wedge bearish chart formation.
With this, the Cable pair is likely to witness a pullback towards the 1.2850 resistance-turned-support before recalling the sellers. Though, the quote’s further downside appears difficult.
That said, the 21-DMA support of around 1.2740, the stated rising wedge’s bottom line near 1.2675 and a four-month-old upward-sloping trend line close to 1.2590 will act as additional downside filters before giving control to the GBP/USD bears.
On the flip side, a convergence of the aforementioned bearish chart pattern’s top line and 61.8% Fibonacci Extension (FE) of its late May to June 29 moves, near 1.2925, appears a tough nut to crack for the Cable buyers. Also challenging the GBP/USD buyers is the 1.3000 psychological magnet.
Trend: Pullback expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2863 at the time of writing. Pair opened at 1.2839 and is trading with a change of 0.19% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2863 |
| 1 | Today Daily Change | 0.0024 |
| 2 | Today Daily Change % | 0.19% |
| 3 | Today daily open | 1.2839 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2714, 50 SMA 1.2574, 100 SMA @ 1.2412 and 200 SMA @ 1.2158.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2714 |
| 1 | Daily SMA50 | 1.2574 |
| 2 | Daily SMA100 | 1.2412 |
| 3 | Daily SMA200 | 1.2158 |
The previous day high was 1.285 while the previous day low was 1.2726. The daily 38.2% Fib levels comes at 1.2802, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2773, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.276, 1.2681, 1.2637
- Pivot resistance is noted at 1.2884, 1.2928, 1.3007
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2850 |
| Previous Daily Low | 1.2726 |
| Previous Weekly High | 1.2850 |
| Previous Weekly Low | 1.2659 |
| Previous Monthly High | 1.2848 |
| Previous Monthly Low | 1.2369 |
| Daily Fibonacci 38.2% | 1.2802 |
| Daily Fibonacci 61.8% | 1.2773 |
| Daily Pivot Point S1 | 1.2760 |
| Daily Pivot Point S2 | 1.2681 |
| Daily Pivot Point S3 | 1.2637 |
| Daily Pivot Point R1 | 1.2884 |
| Daily Pivot Point R2 | 1.2928 |
| Daily Pivot Point R3 | 1.3007 |
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