The GBPUSD pair, currently at a rate of 1.28540, is currently in a neutral position after rebounding from a support line that has been rising for the past two months. According to @nehcap, it is anticipated that there will be further gains in the future.

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• GBP/USD remains sidelined after bouncing off two-month-old rising support line.

The pair currently trades last at 1.28540.

The previous day high was 1.2888 while the previous day low was 1.2763. The daily 38.2% Fib levels comes at 1.2841, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2811, expected to provide support.

GBP/USD aptly portrays the market’s indecision amid the early hours of the key week comprising the Bank of England (BoE) Monetary Policy Meeting and the US Nonfarm Payrolls (NFP), making rounds to 1.2850 by the press time. In doing so, the Cable pair also justifies the mixed technical signals amid cautious optimism.

Also read: GBP/USD recovery looks to recapture 1.2900 as Fed hawks retreat on mixed data, focus on BoE, US NFP

That said, the Pound Sterling improved from a two-month-old support line the previous day but bearish MACD signals and steady RSI prods the GBP/USD bulls of late. Also acting as a short-term upside hurdle is the 10-DMA level of around 1.2890.

Following that, a fortnight-old horizontal resistance area surrounding the 1.3000 psychological magnet will act as the additional check for the Cable buyers before challenging the yearly high marked during the mid-July around 1.3145.

Ina case where the GBP/USD remains firmer past 1.3145, the odds of witnessing the pair’s run-up toward March 2022 peak of around 1.3300 can’t be ruled out.

Alternatively, a daily closing beneath the two-month-old rising support line, close to 1.2840 by the press time, needs validation from an upward-sloping support line from early March, surrounding 1.2720, to welcome the Pound Sterling bears.

Following that, May’s peak of 1.2640 may act as the final defense of the GBP/USD buyers.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2849 at the time of writing. Pair opened at 1.2851 and is trading with a change of -0.02% % .

The pair is trading below its 20 Daily moving average @ 1.2889, above its 50 Daily moving average @ 1.2698 , above its 100 Daily moving average @ 1.2554 and above its 200 Daily moving average @ 1.2286

The previous day high was 1.2888 while the previous day low was 1.2763. The daily 38.2% Fib levels comes at 1.2841, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2811, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.278, 1.2709, 1.2655
• Pivot resistance is noted at 1.2905, 1.2959, 1.303

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