#GBPUSD @ 1.16937 bulls take a breather around two-week high, retreats of late., @nehcap view: Further upside expected (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• GBP/USD bulls take a breather around two-week high, retreats of late.
• Sustained trading beyond 1.1650-55 support confluence, bullish MACD signals favor buyers.
• Three-week-old horizontal area, 200-SMA challenge the upside moves, bears need validation from previous resistance line.

The pair currently trades last at 1.16937.

The previous day high was 1.171 while the previous day low was 1.1591. The daily 38.2% Fib levels comes at 1.1665, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1637, expected to provide support.

GBP/USD retreats to 1.1685 during Tuesday’s Asian session as traders await the key UK employment data, as well as the US Consumer Price Index (CPI). In doing so, the Cable pair struggles to extend the two-day uptrend near the fortnight high.

Even so, successful trading beyond the 1.1650-55 support, including the 100-SMA and a one-week-old ascending trend line, joins the bullish MACD signals to underpin the hopes of witnessing the pair’s further upside.

However, a horizontal area comprising multiple levels marked since August 22, between 1.1745 and 1.1755, appears a tough nut to crack for the GBP/USD buyers.

If at all the quote rises past 1.1755, the 200-SMA level surrounding 1.1880 could test the pair’s run-up before giving control to the bulls.

Alternatively, pullback moves remain elusive until staying beyond 1.1650-55 support confluence.

Following that, the previous resistance line from August 10, close to 1.1530 by the press time, will be important to watch as a downside break of the same could direct GBP/USD bears towards the yearly low marked in the last week around 1.1405.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1688 at the time of writing. Pair opened at 1.1686 and is trading with a change of 0.02% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.1713, 50 SMA 1.1911, 100 SMA @ 1.2149 and 200 SMA @ 1.2739.

The previous day high was 1.171 while the previous day low was 1.1591. The daily 38.2% Fib levels comes at 1.1665, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1637, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1615, 1.1544, 1.1496
• Pivot resistance is noted at 1.1734, 1.1782, 1.1853

[/s2If]
Join Our Telegram Group