#GBPUSD @ 1.15343 is recording decent gains after nosediving to a 1985 daily low. (Pivot Orderbook analysis)

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• GBP/USD is recording decent gains after nosediving to a 1985 daily low.
• The British pound found some base around 1.1400, rallying more than 130-pips on the day.
• The major might record a leg-up before extending its fall for a re-test of the YTD low at a1.1406.

The pair currently trades last at 1.15343.

The previous day high was 1.1609 while the previous day low was 1.1494. The daily 38.2% Fib levels comes at 1.1565, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1538, expected to provide resistance.

The GBP/USD refreshed a 37-year low but bounced off and reclaimed the 1.1500 figure after meandering around the 1.1400 round figure during the day. The GBP/USD recovered some ground and settled at current exchange rates, trading at 1.1531, above its opening price by 0.18%, at the time of writing.

The GBP/USD trades were volatile during Wednesday’s trading session. The major is still downward biased, despite recovering more than 100-pips losses. It is worth noting that the Sterling dropped below the descending channel, where the major has been trading since late May, when the British pound began its downfall throughout 2022.

GBP traders should know that the Relative Strength Index (RSI) is within the oversold territory, so the pair might print a leg-up before resuming its downward path. Therefore, the GBP/USD’s first resistance would be the September 6 daily high at 1.1608. Once cleared, the next supply zone would be the 50% Fibonacci retracement at 1.1652, followed by the 61.8% Fibonacci level at 1.1710.

On the downside, the GBP/USD first floor would be the 1.1500 figure. The break below will expose the YTD low at 1.1400, followed by the psychological 1.1300 figure.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1531 at the time of writing. Pair opened at 1.1521 and is trading with a change of 0.04 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.1828, 50 SMA 1.1956, 100 SMA @ 1.2203 and 200 SMA @ 1.2773.

The previous day high was 1.1609 while the previous day low was 1.1494. The daily 38.2% Fib levels comes at 1.1565, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1538, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1473, 1.1426, 1.1358
• Pivot resistance is noted at 1.1589, 1.1657, 1.1705

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