#GBPUSD @ 1.08619 Pound bulls have poked the crucial demand zone in a 1.0905-1.0931 range. (Pivot Orderbook analysis)

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• Pound bulls have poked the crucial demand zone in a 1.0905-1.0931 range.
• A bull cross, represented by the 20 and 50-EMAs, adds to the upside filters.
• The RSI (14) has shifted into the bullish range of 60.00-80.00, which favors an upside momentum.

The pair currently trades last at 1.08619.

The previous day high was 1.0838 while the previous day low was 1.0655. The daily 38.2% Fib levels comes at 1.0768, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0725, expected to provide support.

The GBP/USD pair is displaying topsy-turvy moves around the immediate hurdle of 1.0900 in the early Asian session. Earlier, the cable displayed a perpendicular upside move after sensing a responsive buying action from 1.0540. The asset is aiming to refresh its weekly high above 1.0931 as risk sentiment has turned positive.

On an hourly scale, the cable has poked the demand zone placed in a narrow range of 1.0905-1.0931. The asset is not displaying signs of exhaustion after a juggernaut rally but is preparing for an upside break ahead as investors are pouring funds amid the establishment of an upside bias.

A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at 1.0764 signals more upside ahead.

Also, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00, which has activated pound bulls for upside momentum.

A break above Monday’s high at 1.0931 will send the cable towards the round-level resistance at 1.1000, followed by Friday’s average price at 1.1100.

On the flip side, the cable will lose significance further if it drops below Monday’s low at 1.0339, which will drag the asset towards the round-level support at 1.0200. A slippage below the latter will direct the cable towards parity.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.0874 at the time of writing. Pair opened at 1.0732 and is trading with a change of 1.32 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.1378, 50 SMA 1.1758, 100 SMA @ 1.2013 and 200 SMA @ 1.2628.

The previous day high was 1.0838 while the previous day low was 1.0655. The daily 38.2% Fib levels comes at 1.0768, expected to provide support. Similarly, the daily 61.8% fib level is at 1.0725, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.0645, 1.0559, 1.0462
• Pivot resistance is noted at 1.0829, 1.0925, 1.1012

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