The GBPUSD currency pair, currently trading at 1.27477, is staying unchanged near a significant resistance level in the short-term. This comes after a three-day period of consecutive gains. Nehcap’s perspective is that there is only a small likelihood of a further increase in value.
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- GBP/USD remains sidelined around short-term key resistance confluence after posting three-day winning streak.
The pair currently trades last at 1.27477.
The previous day high was 1.2766 while the previous day low was 1.2687. The daily 38.2% Fib levels comes at 1.2736, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2717, expected to provide support.
GBP/USD jostles with a short-term key resistance while making rounds to 1.2760 amid the early Asian session on Friday. In doing so, the Cable pair prods the three-day winning streak ahead of the UK Retail Sales for July.
That said, the Cable pair’s successful trading above a seven-week-old rising support line, around 1.2675 by the press time, joins the bullish MACD signals and gradually rising the RSI (14) line to keep the GBP/USD buyers hopeful.
However, a downward-sloping resistance line from July 14 and the 100-SMA together constitute the 1.275-60 zone as a tough nut to crack for the Cable pair buyers.
Following that, the 1.2800 and the 200-SMA level of around 1.2830 will act as the last defense of the GBP/USD bears.
It’s worth noting that the downbeat expectations from the UK Retail Sales, expected -0.5% MoM in July versus 0.7% expected, can join the risk-off mood to prod the Cable buyers.
On the other hand, a daily closing below the multi-day-old support line surrounding 1.2675 becomes necessary for the GBP/USD bears to retake control.
Even so, multiple supports around 1.2600 may test the Pound Sterling bears before giving control to them.
Trend: Limited recovery expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2748 at the time of writing. Pair opened at 1.2732 and is trading with a change of 0.13% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2748 |
| 1 | Today Daily Change | 0.0016 |
| 2 | Today Daily Change % | 0.13% |
| 3 | Today daily open | 1.2732 |
The pair is trading below its 20 Daily moving average @ 1.2778, below its 50 Daily moving average @ 1.2781 , above its 100 Daily moving average @ 1.2621 and above its 200 Daily moving average @ 1.2369
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2778 |
| 1 | Daily SMA50 | 1.2781 |
| 2 | Daily SMA100 | 1.2621 |
| 3 | Daily SMA200 | 1.2369 |
The previous day high was 1.2766 while the previous day low was 1.2687. The daily 38.2% Fib levels comes at 1.2736, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2717, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.269, 1.2649, 1.2611
- Pivot resistance is noted at 1.277, 1.2808, 1.2849
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2766 |
| Previous Daily Low | 1.2687 |
| Previous Weekly High | 1.2819 |
| Previous Weekly Low | 1.2666 |
| Previous Monthly High | 1.3142 |
| Previous Monthly Low | 1.2659 |
| Daily Fibonacci 38.2% | 1.2736 |
| Daily Fibonacci 61.8% | 1.2717 |
| Daily Pivot Point S1 | 1.2690 |
| Daily Pivot Point S2 | 1.2649 |
| Daily Pivot Point S3 | 1.2611 |
| Daily Pivot Point R1 | 1.2770 |
| Daily Pivot Point R2 | 1.2808 |
| Daily Pivot Point R3 | 1.2849 |
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