#GBPUSD @ 1.21823 Price Analysis: Bulls step back from multi-day-old hurdle near 1.2210, @nehcap view: Pullback expected (Pivot Orderbook analysis)

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The pair currently trades last at 1.21823.

The previous day high was 1.2201 while the previous day low was 1.21. The daily 38.2% Fib levels comes at 1.2162, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2138, expected to provide support.

GBP/USD bulls take a breather around a five-week high, recently declining to 1.2185 as it reverses from the key resistance line during early Monday. Even so, the Cable pair remains mildly bid while printing a three-day winning streak.

That said, a downward-sloping resistance line from late January, around 1.2210 by the press time, appears a tough nut to crack for the GBP/USD pair buyers amid nearly overbought RSI (14) and mildly bullish MACD signals.

Also acting as an upside hurdle is the 61.8% Fibonacci retracement level of the quote’s fall from late January to early March, around the 1.2200 round figure.

It should be noted that the mid-February top surrounding 1.2270 appears the last defense of the GBP/USD bears, a break of which could propel the Cable price towards the 2023 top marked in January around 1.2450.

On the flip side, the 50% Fibonacci retracement level of 1.2125 could lure intraday sellers of the GBP/USD pair but a convergence of the 50-EMA and one-week-old ascending support line, near 1.2085, appears a tough nut to crack for the bears to retake control.

Also acting as an important support is the 100-EMA level surrounding 1.2060, a break of which won’t hesitate to challenge multiple lows marked during late February, around 1.1930-20.

Overall, GBP/USD is likely to witness a pullback but the bears are far from retaking control.

Trend: Pullback expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2187 at the time of writing. Pair opened at 1.2175 and is trading with a change of 0.10% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2029, 50 SMA 1.2141, 100 SMA @ 1.2049 and 200 SMA @ 1.1892.

The previous day high was 1.2201 while the previous day low was 1.21. The daily 38.2% Fib levels comes at 1.2162, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2138, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2116, 1.2058, 1.2015
• Pivot resistance is noted at 1.2217, 1.2259, 1.2318

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