#GBPUSD @ 1.25926 picks up bids to cross short-term key resistance line during three-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/USD picks up bids to cross short-term key resistance line during three-day uptrend.
• Sustained trading beyond 21-DMA, upbeat RSI (14) keeps Cable buyers hopeful.
• Pound Sterling bears need to crack 1.2320 support confluence to retake control.

The pair currently trades last at 1.25926.

The previous day high was 1.2599 while the previous day low was 1.2548. The daily 38.2% Fib levels comes at 1.2579, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2568, expected to provide support.

GBP/USD bulls keep the reins at the highest levels in 11 months as they poke a one-month-old resistance line near 1.2600 on early Friday. In doing so, the Cable pair rises for the third consecutive day despite sticking to mild gains amid the cautious mood ahead of the US Nonfarm Payrolls (NFP) data for April.

Given the Pound Sterling’s successful trading above the 21-DMA support, around 1.2470 at the latest, the pair buyers are hopeful of crossing the immediate upside hurdle. Adding strength to the bullish bias is the above 50 levels of the RSI (14) line, not overbought.

With this, the GBP/USD buyers are well set to challenge the mid-2022 peak of around 1.2665, which in turn highlights the 1.2700 round figure for them.

Meanwhile, a downside break of the 21-DMA support of 1.2470 isn’t an open welcome to the GBP/USD pair sellers as a convergence of an upward-sloping trend line from September 2022 and a descending trend line from late 2022, close to 1.2320, appears a tough nut to crack for the bears.

It’s worth noting that the 1.2300 round figure and August 2022 high of around 1.2290 adds to the list of downside filters for the Cable pair.

Overall, GBP/USD is like to grind higher unless the US jobs report offer positive surprise.

Also read: US April Nonfarm Payrolls Preview: Analyzing Gold price’s reaction to NFP surprises

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2584 at the time of writing. Pair opened at 1.2574 and is trading with a change of 0.08% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2465, 50 SMA 1.2288, 100 SMA @ 1.2221 and 200 SMA @ 1.1948.

The previous day high was 1.2599 while the previous day low was 1.2548. The daily 38.2% Fib levels comes at 1.2579, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2568, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2548, 1.2523, 1.2498
• Pivot resistance is noted at 1.2599, 1.2624, 1.2649

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