Buyers of GBPUSD at a rate of 1.26364 are now seeking new information to guide their decisions, following their excitement over the largest increase in price in three weeks. The viewpoint of @nehcap is that there is likely to be more potential for the exchange rate to rise.

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• GBP/USD buyers seek fresh clues after cheering the biggest daily jump in three weeks.

The pair currently trades last at 1.26364.

The previous day high was 1.2611 while the previous day low was 1.2566. The daily 38.2% Fib levels comes at 1.2594, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2583, expected to provide support.

GBP/USD seesaws around 1.2650 after rising the most in three weeks the previous day. In doing so, the Cable pair portrays the market’s cautious mood ahead of a slew of statistics from the UK and the US.

It’s worth noting that the Pound Sterling’s extension of Friday’s rebound from a horizontal support zone comprising the tops marked in May and June, around 1.2550, joins the bullish MACD signals and the upbeat RSI (14) line to keep the buyers hopeful.

However, the 50-SMA level of around 1.2675 will test the GBP/USD pair’s immediate upside ahead of a one-month-old descending resistance line surrounding 1.2740.

In a case where the Cable remains firmer past 1.2740, the 200-SMA level of around 1.2780 and the August 10 peak of near 1.2820 will be on the bull’s radar.

On the flip side, the GBP/USD pair’s pullback may initially aim for the three-week-old support line surrounding 1.2600 before challenging the aforementioned key horizontal trend line comprising levels marked since mid-May, close to 1.2550 at the latest.

Should the Pound Sterling remain weak past 1.2550, the odds of witnessing a quick drop to the mid-June swing low of around 1.2485 can’t be ruled out.

That said, the UK Consumer Credit for July will entertain GBP/USD ahead of the US ADP Employment Change, the final readings of the US second quarter (Q2) Gross Domestic Product (GDP) and the Personal Consumption Expenditure (PCE).

Also read: GBP/USD regains the 100-day SMA as US yields sink

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2644 at the time of writing. Pair opened at 1.2602 and is trading with a change of 0.33% % .

The pair is trading below its 20 Daily moving average @ 1.2708, below its 50 Daily moving average @ 1.2784 , above its 100 Daily moving average @ 1.2642 and above its 200 Daily moving average @ 1.2403

The previous day high was 1.2611 while the previous day low was 1.2566. The daily 38.2% Fib levels comes at 1.2594, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2583, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2575, 1.2547, 1.2529
• Pivot resistance is noted at 1.262, 1.2638, 1.2665

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