#GBPUSD @ 1.24942 grinds higher after two-day uptrend, defends bounce off 100-SMA., @nehcap view: Further upside expected (Pivot Orderbook analysis)
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- GBP/USD grinds higher after two-day uptrend, defends bounce off 100-SMA.
- Firmer RSI (14), sustained trading beyond the key SMAs allow buyers to aim for three-week-old horizontal resistance.
- Fortnight-old ascending trend line adds to the downside support.
The pair currently trades last at 1.24942.
The previous day high was 1.2516 while the previous day low was 1.2403. The daily 38.2% Fib levels comes at 1.2472, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2446, expected to provide support.
GBP/USD gradually marches towards the key upside hurdle as it grinds higher following a two-day winning streak, floating near 1.2500 during the initial hours of Friday’s Asian session.
In doing so, the Cable pair defends the previous day’s rebound from the 100-bar Simple Moving Average (SMA) while also justifying the firmer Relative Strength Index (RSI), placed at 14, not overbought.
With this, the quote’s further upside towards a horizontal area comprising multiple levels marked since April 04, around 1.2505-20, can’t be ruled out. However, the pair’s additional run-up will depend upon how well it can stay beyond the stated hurdle as the Year-To-Date (YTD) peak surrounding 1.2550 could challenge GBP/USD buyers afterward.
In a case where the Cable pair remains firmer past 1.2550, a run-up towards the May 2022 peak of around 1.2665 becomes appealing.
Meanwhile, pullback moves need to break the 100-SMA support of 1.2440 to convince intraday sellers.
Following that, a fortnight-old ascending support line and the 200-SMA, respectively near 1.2410 and 1.2360, may prod the GBP/USD bears.
It’s worth noting, however, that the GBP/USD pair’s weakness past 1.2360 will make it vulnerable to visiting the monthly low of around 1.2275.
Trend: Further upside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2496 at the time of writing. Pair opened at 1.247 and is trading with a change of 0.21 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2496 |
| 1 | Today Daily Change | 0.0026 |
| 2 | Today Daily Change % | 0.2100 |
| 3 | Today daily open | 1.2470 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2434, 50 SMA 1.223, 100 SMA @ 1.2206 and 200 SMA @ 1.1934.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2434 |
| 1 | Daily SMA50 | 1.2230 |
| 2 | Daily SMA100 | 1.2206 |
| 3 | Daily SMA200 | 1.1934 |
The previous day high was 1.2516 while the previous day low was 1.2403. The daily 38.2% Fib levels comes at 1.2472, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2446, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.241, 1.235, 1.2297
- Pivot resistance is noted at 1.2522, 1.2575, 1.2635
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2516 |
| Previous Daily Low | 1.2403 |
| Previous Weekly High | 1.2474 |
| Previous Weekly Low | 1.2354 |
| Previous Monthly High | 1.2424 |
| Previous Monthly Low | 1.1803 |
| Daily Fibonacci 38.2% | 1.2472 |
| Daily Fibonacci 61.8% | 1.2446 |
| Daily Pivot Point S1 | 1.2410 |
| Daily Pivot Point S2 | 1.2350 |
| Daily Pivot Point S3 | 1.2297 |
| Daily Pivot Point R1 | 1.2522 |
| Daily Pivot Point R2 | 1.2575 |
| Daily Pivot Point R3 | 1.2635 |
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