#GBPUSD @ 1.22692 oscillates in a narrow trading band just below its highest level since June. (Pivot Orderbook analysis)

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• GBP/USD oscillates in a narrow trading band just below its highest level since June.
• The overnight breakout above the 200-day SMA supports prospects for further gains.
• Bulls, however, prefer to wait for the crucial US NFP report before placing fresh bets.

The pair currently trades last at 1.22692.

The previous day high was 1.2311 while the previous day low was 1.2046. The daily 38.2% Fib levels comes at 1.221, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2147, expected to provide support.

The GBP/USD pair consolidates its recent gains to the highest level since June and oscillates in a range, below the 1.2300 mark through the first half of the European session on Friday. The technical bias, meanwhile, remains tilted in favour of bulls and supports prospects for a further near-term appreciating move.

The overnight sustained strength and acceptance above a technically significant 200-day SMA for the first time in 2022 could be seen as a fresh trigger for bullish traders. Furthermore, the recent move up since late September has been along an ascending channel, which further points to a well-established short-term positive trend.

Moreover, oscillators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone. The GBP/USD pair, however, remains capped near the trend-channel resistance as traders prefer to move to the sidelines ahead of the release of the closely-watched US monthly jobs report (FMP).

Hence, it will be prudent to wait for a sustained strength beyond the top end of the aforementioned channel before placing fresh bullish bets. The said barrier is currently pegged near the 1.2310 region, above which the GBP/USD pair could climb to the 1.2345-1.2350 intermediate resistance and eventually aim to reclaim the 1.2400 round-figure mark.

On the flip side, the corrective pullback might now find decent support near the 1.2200 mark. Any further downfall could be seen as a buying opportunity and remain limited near the 1.2150 region (200-DMA). The latter should act as a pivotal point for short-term traders, which if broken decisively will negate the near-term positive outlook for the GBP/USD pair.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2272 at the time of writing. Pair opened at 1.2243 and is trading with a change of 0.24 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.184, 50 SMA 1.1475, 100 SMA @ 1.1651 and 200 SMA @ 1.2155.

The previous day high was 1.2311 while the previous day low was 1.2046. The daily 38.2% Fib levels comes at 1.221, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2147, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2089, 1.1935, 1.1824
• Pivot resistance is noted at 1.2354, 1.2465, 1.2619

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