The GBP/USD pair, currently trading at 1.27295, is showing signs of recovery as it defends against downward movement from the 100-day moving average at its weekly high. It is also testing a declining resistance line that is one month old. According to the opinion of @nehcap, there is not much potential for significant gains in the near future.

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• GBP/USD defends rebound from 100-DMA at weekly top, prods one-month-old falling resistance line.

The pair currently trades last at 1.27295.

The previous day high was 1.2752 while the previous day low was 1.2675. The daily 38.2% Fib levels comes at 1.2723, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2705, expected to provide support.

GBP/USD edges higher past 1.2700 as it flirts with the weekly top surrounding 1.2730 amid the early hours of Thursday’s Asian session. In doing so, the Cable pair defends Monday’s U-turn from the 100-DMA while approaching a downward-sloping resistance line from July 14 after a three-day winning streak.

Not only a rebound from the 100-DMA but the impending bull cross on the MACD also underpins the upside bias about the Pound Sterling.

However, a clear break of the stated resistance line, close to 1.2750 by the press time, isn’t an open invitation to the Cable buyers as the 50-DMA hurdle of around 1.2785 prods the short-term advances of the quote.

Following that, a 5.5-month-old previous support line, now resistance around 1.2850, acts as the final defense of the GBP/USD bears.

Meanwhile, the broadly firmer US Dollar, backed by the upbeat Fed Minutes and yields of late, challenge the Pound Sterling buyers and tease a pullback toward the 100-DMA retest, especially amid a light calendar on Thursday. That said, the 100-DMA level is around 1.2625 by the press time.

In a case where the GBP/USD pair remains bearish past 1.2625, the weekly bottom of 1.2616 and the late June trough surrounding 1.2590 will test the sellers before giving them control.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2731 at the time of writing. Pair opened at 1.2704 and is trading with a change of 0.21% % .

The pair is trading below its 20 Daily moving average @ 1.2789, below its 50 Daily moving average @ 1.2775 , above its 100 Daily moving average @ 1.2616 and above its 200 Daily moving average @ 1.2362

The previous day high was 1.2752 while the previous day low was 1.2675. The daily 38.2% Fib levels comes at 1.2723, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2705, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2669, 1.2634, 1.2592
• Pivot resistance is noted at 1.2746, 1.2788, 1.2823

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