#GBPUSD @ 1.25381 seesaws near the highest levels since June 2022 during four-day uptrend., @nehcap view: Gradual upside expected (Pivot Orderbook analysis)

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• GBP/USD seesaws near the highest levels since June 2022 during four-day uptrend.
• Clear upside break of eight-day-old horizontal resistance, now support, hints at further advances of the Cable pair.
• Multiple key FE levels, mid-2022 peak can challenge buyer inside megaphone trend-widening pattern.

The pair currently trades last at 1.25381.

The previous day high was 1.2537 while the previous day low was 1.2478. The daily 38.2% Fib levels comes at 1.2515, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2501, expected to provide support.

GBP/USD bulls take a breather at the highest levels in 10 months, making rounds to mid-1.2500s heading into Friday’s London open.

In doing so, the Cable pair bears the burden of the overbought RSI conditions while reassessing the odds of a further upside. However, a clear upside break of the previous key resistance comprising multiple levels marked since April 04, around 1.2510-2500, keeps the GBP/USD bulls hopeful of refreshing the multi-month top.

In that case, the 61.8% and 78.6% Fibonacci Expansion (FE) of the pair’s moves between March 21 and April 10, respectively near 1.2555 and 1.2615, could gain the market’s attention ahead of May 2022 high of around 1.2665.

It’s worth noting, however, that the top line of a three-week-old rising megaphone trend widening chart formation, around 1.2690 by the press time, can restrict the GBP/USD pair’s upside past 1.2665

Alternatively, pullback moves need to provide a convincing break below the 1.2500 round figure to recall the intraday sellers.

Even so, the aforementioned megaphone’s lower line, close to 1.2395 by the press time, can challenge the bears before giving them control.

Should the GBP/USD price remains bearish past 1.2395, multiple levels marked since early March constitute 1.2180-70 and 1.2015-05 as the key support to watch.

Overall, GBP/USD remains on the bull’s radar even if RSI conditions challenge the upside momentum of late.

Trend: Gradual upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2541 at the time of writing. Pair opened at 1.2522 and is trading with a change of 0.15% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2358, 50 SMA 1.2166, 100 SMA @ 1.2178 and 200 SMA @ 1.1911.

The previous day high was 1.2537 while the previous day low was 1.2478. The daily 38.2% Fib levels comes at 1.2515, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2501, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2488, 1.2453, 1.2429
• Pivot resistance is noted at 1.2547, 1.2572, 1.2606

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