#GBPUSD @ 1.26280 seesaws around the highest levels since April 2022, prods two-day uptrend., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• GBP/USD seesaws around the highest levels since April 2022, prods two-day uptrend.
• Clear upside break of five-week-old hurdle, firmer RSI (14) line keeps buyers hopeful.
• Weekly descending resistance line, bearish MACD signals and pre-BoE caution challenge Cable buyers.
• Bulls seek 1.2700 breakout to keep the reins; downside break of 1.2600 can lure intraday sellers.

The pair currently trades last at 1.26280.

The previous day high was 1.264 while the previous day low was 1.2578. The daily 38.2% Fib levels comes at 1.2616, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2602, expected to provide support.

GBP/USD bulls take a breather around 1.2630 amid the early hours of the Bank of England (BoE) inspired “Super Thursday”. That said, the Cable pair rose to a 13-month high the previous day while bouncing off the resistance-turned-support line stretched from early April.

The Pound Sterling’s recovery from the previous resistance line also gained support from the firmer RSI (14) line, not overbought. However, the bearish MACD signals and a downward-sloping resistance line from Monday, close to 1.2635 by the press time, prod the Cable buyers.

Even if the GBP/USD bulls manage to cross the 1.2635 trend line resistance, the latest high of around 1.2680 and the 1.2700 round figure may challenge the quote’s further upside.

Following that, a run-up towards the early April 2022 low surrounding 1.2975 and then to the 1.3000 psychological magnet can’t be ruled out.

On the flip side, a clear downside break of the aforementioned resistance-turned-support near 1.2600 can trigger intraday selling of the GBP/USD pair.

In that case, a three-week-long ascending trend line and the 200-SMA, respectively near 1.2500 and 1.2460, can act as the final defense of the GBP/USD buyers.

Overall, GBP/USD buyers keep the reins despite the latest inaction. However, the upside momentum needs validation from the BoE.

Also read: Bank of England Preview: A risk event for the GBP/USD rally

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2627 at the time of writing. Pair opened at 1.2621 and is trading with a change of 0.05% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2497, 50 SMA 1.2325, 100 SMA @ 1.2235 and 200 SMA @ 1.1954.

The previous day high was 1.264 while the previous day low was 1.2578. The daily 38.2% Fib levels comes at 1.2616, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2602, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2586, 1.2551, 1.2525
• Pivot resistance is noted at 1.2648, 1.2675, 1.2709

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