The GBPUSD pair, currently at 1.27597, is showing slight upward movement after experiencing its first weekly increase in five weeks. @nehcap predicts that there will be additional gains in the future.

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• GBP/USD edges higher after posting the first weekly gain in five.

The pair currently trades last at 1.27597.

The previous day high was 1.2766 while the previous day low was 1.2689. The daily 38.2% Fib levels comes at 1.2719, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2737, expected to provide support.

GBP/USD seesaws around 1.2755-60 as bulls hit barriers during early Tuesday in Asia, snapping a four-week downtrend, as well as posting a firmer start of the week.

The Guardian came out with the news quoting Britain’s opposition Labour Party leader Keir Starmer to mention that UK growth is forecast to be slowest in the Group of Seven Nations (G7). The news also cites the opposition party terming the British economy as stuck in a low-growth trap.

Apart from that, the market’s cautious mood ahead of this week’s top-tier central bankers’ speeches at the Jackson Hole Symposium also prods the GBP/USD buyers.

However, a three-week-old bullish triangle formation and an impending bull cross on the MACD lure the GBP/USD pair buyers after it managed to cross the five-week-old descending resistance line, now immediate support near 1.2700, the last week.

That said, the stated triangle’s top line, around 1.2770 by the press time, restricts the immediate upside of the Pound Sterling ahead of the 50-DMA level of 1.2800.

Following that, June’s peak of around 1.2850 and the late July swing high near 1.2870 may test the Cable buyers before giving them control.

On the contrary, a downside break of the resistance-turned-support surrounding 1.2700 will defy the bullish bias and may drag the GBP/USD price toward the 100-DMA support of near 1.2630.

Even so, the Pound Sterling bears will remain cautious unless witnessing a daily closing below the aforementioned triangle’s bottom line, close to 1.2615 by the press time.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2757 at the time of writing. Pair opened at 1.2734 and is trading with a change of 0.18% % .

The pair is trading below its 20 Daily moving average @ 1.2766, below its 50 Daily moving average @ 1.2788 , above its 100 Daily moving average @ 1.2628 and above its 200 Daily moving average @ 1.2379

The previous day high was 1.2766 while the previous day low was 1.2689. The daily 38.2% Fib levels comes at 1.2719, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2737, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2693, 1.2653, 1.2616
• Pivot resistance is noted at 1.277, 1.2807, 1.2847

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