#GBPUSD @ 1.19885 has turned sideways around 1.2000 as investors await US ISM PMI data for fresh cues. (Pivot Orderbook analysis)

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• GBP/USD has turned sideways around 1.2000 as investors await US ISM PMI data for fresh cues.
• The Cable has comfortably established below the 200-EMA at 1.2024.
• Value-buying persist in the Cable as RSI (14) managed to recover firmly after dropping inside the bearish range.

The pair currently trades last at 1.19885.

The previous day high was 1.2085 while the previous day low was 1.1901. The daily 38.2% Fib levels comes at 1.1971, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2015, expected to provide resistance.

The GBP/USD pair is attempting to surpass the psychological resistance of 1.2000 in the Asian session. The Cable is displaying topsy-turvy moves in a range of 1.1960-1.2000 as investors are awaiting the release of United States ISM Manufacturing PMI data for fresh impetus.

Meanwhile, the US Dollar Index (DXY) is displaying rangebound moves around 104.20. S&P500 futures are displaying marginal gains after a sell-off on Tuesday. The 10-year US Treasury yields have dropped further to 3.73%.

Earlier, the Cable delivered a breaking of the consolidation formed in a range of 1.2000-1.2123 formed on a four-hour scale. The pair is attempting to regain an auction profile above the psychological resistance of 1.2000.

The major has comfortably established below the 200-period Exponential Moving Average (EMA) at 1.2024, which indicates that the long-term trend is bearish now. Also, the 50-EMA at 1.2054 is acting as a major barricade for the Pound Sterling.

It is worth noting that the Relative Strength Index (RSI) (14) managed to rebound firmly after dropping inside the bearish range of 20.00-40.00, which indicates that the context of value-buying is still present.

For a downside move, the Cable needs to break down the round-level support at 1.1900 forcefully, which will drag the major toward November 11 high at 1.1855. A slippage below the latter will expose Cable to November 21 low of around 1.1778.

Alternatively, a surprise break above Friday’s high at 1.2100 will drive the Cable toward December 21 high at 1.2147 followed by December 21 high around 1.2200.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1987 at the time of writing. Pair opened at 1.1973 and is trading with a change of 0.12 % .

The pair is trading below its 20 Daily moving average @ 1.2143, above its 50 Daily moving average @ 1.1932 , above its 100 Daily moving average @ 1.1666 and below its 200 Daily moving average @ 1.2035

The previous day high was 1.2085 while the previous day low was 1.1901. The daily 38.2% Fib levels comes at 1.1971, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2015, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1887, 1.1802, 1.1703
• Pivot resistance is noted at 1.2072, 1.2171, 1.2257

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