The GBPUSD pair, currently at 1.29577, has rebounded from its lowest point in a week, putting an end to a four-day period of losses. According to the perspective of the user Nehcap, it is anticipated that there will be more upward movement in the future.

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• GBP/USD reverses from one-week low, snaps four-day losing streak.

The pair currently trades last at 1.29577.

The previous day high was 1.3045 while the previous day low was 1.2868. The daily 38.2% Fib levels comes at 1.2935, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2977, expected to provide resistance.

GBP/USD remains on the front foot around the intraday high of near 1.2965 amid early Thursday morning in London, snapping a four-day downtrend while reversing from the lowest levels in seven days. In doing so, the Cable pair justifies multiple technical signals which favor the bullish bias about the Pound Sterling price.

Among them, Wednesday’s bullish Doji candlestick at the weekly low gains major attention as it prevails at the convergence of the 100-bar Exponential Moving Average (EMA) and a three-week-long rising support line. Adding strength to the upside bias is the RSI (14) line’s rebound from the oversold region.

With this, the GBP/USD price appears well-set to regain the 1.3000 round figure. However, a horizontal area comprising lows marked during the mid-July, around 1.3045-50 may prod the pair buyers afterward.

In a case where the Cable pair remains firmer past 1.3050, the odds of witnessing a run-up toward the monthly high of 1.3142 can’t be ruled out.

On the contrary, a successful downside break of the 1.2895-90 support confluence, comprising the multi-day-old rising support line and the 100-EMA, can please the intraday sellers but may not term the GBP/USD pair as bearish as a five-week-old horizontal area near 1.2850 can prod the sellers.

Apart from the 1.2850 support, the 200-EMA level of around 1.2780 also acts as the final defense of the GBP/USD bulls.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.296 at the time of writing. Pair opened at 1.294 and is trading with a change of 0.15% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2831, 50 SMA 1.2643, 100 SMA @ 1.249 and 200 SMA @ 1.223.

The previous day high was 1.3045 while the previous day low was 1.2868. The daily 38.2% Fib levels comes at 1.2935, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2977, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2857, 1.2774, 1.268
• Pivot resistance is noted at 1.3034, 1.3127, 1.321

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