#GBPUSD @ 1.19705 grinds near intraday high as it pokes immediate resistance line., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• GBP/USD grinds near intraday high as it pokes immediate resistance line.
• Bearish MACD signals, 200-EMA challenge the recovery moves.
• Three-month-old ascending trend line restricts immediate downside as RSI shows receding bearish bias.

The pair currently trades last at 1.19705.

The previous day high was 1.2036 while the previous day low was 1.1925. The daily 38.2% Fib levels comes at 1.1967, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1994, expected to provide resistance.

GBP/USD seesaws around the daily top as it struggles to carry the first daily gains in four near 1.1970 heading into Friday’s London open. In doing so, the Cable pair bounces of an upward-sloping support line from early January while approaching the descending trend line resistance stretched from Tuesday.

Given the quote’s repeated bounces off the stated key support line, around 1.1940 by the press time, coupled with the downbeat RSI (14) suggesting an easing bearish bias, the GBP/USD price is likely to overcome the immediate resistance line, close to 1.1975 by the press time.

However, the pair’s further upside appears limited unless the Cable pair stays below the 200-bar Exponential Moving Average (EMA), around 1.2095.

Following that, the 50% Fibonacci retracement level of the pair’s January month upside, near 1.2140, could act as an extra filter towards the north, a break of which could quickly propel the GBP/USD towards a horizontal area comprising levels marked since January 24, close to 1.2260-70.

On the flip side, a downside break of the ascending support line from January, close to 1.1960, could quickly fetch the GBP/USD towards the year 2023 low, marked in January, around 1.1840. That said, the 1.1920 level may act as an intermediate halt during the anticipated fall.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1967 at the time of writing. Pair opened at 1.1951 and is trading with a change of 0.13 % .

The pair is trading below its 20 Daily moving average @ 1.2047, below its 50 Daily moving average @ 1.2141 , below its 100 Daily moving average @ 1.1977 and above its 200 Daily moving average @ 1.1919

The previous day high was 1.2036 while the previous day low was 1.1925. The daily 38.2% Fib levels comes at 1.1967, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1994, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1905, 1.1859, 1.1794
• Pivot resistance is noted at 1.2016, 1.2082, 1.2128

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