The GBPUSD currency pair, currently trading at 1.27193, is testing a descending resistance line that has been in place for a month. This move is occurring at the highest level of the week. According to the viewpoint of @nehcap, it is anticipated that the price will continue to rise.
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- GBP/USD prods one-month-old descending resistance line at weekly top.
The pair currently trades last at 1.27193.
The previous day high was 1.2655 while the previous day low was 1.2563. The daily 38.2% Fib levels comes at 1.262, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2598, expected to provide support.
GBP/USD buyers attack a downward-sloping resistance line from late July as they await the key US inflation gauge while pausing the three-day uptrend amid early Thursday morning in Asia. In doing so, the Cable pair seesaws around the 1.2720 level while defending the previous week’s rebound from a five-month-old horizontal support zone.
Not only a clear rebound from the key horizontal support but the impending bull cross on the MACD and the steady RSI (14) line also keep the GBP/USD buyers hopeful.
With this, the Pound Sterling is likely to cross the 1.2720 upside hurdle.
However, the 50-DMA level of 1.2780 acts as the last defense of the GBP/USD bears before giving control to the buyers.
Following that, a run-up towards the previous support line stretched from early March, close to 1.2930, and then to the 1.3000 psychological magnet can’t be ruled out.
On the flip side, the GBP/USD pair’s pullback may aim for the monthly horizontal area surrounding 1.2620–15 before revisiting the horizontal area comprising multiple levels marked since early April, close to 1.2545–30.
In a case where the Cable pair drops below 1.2530, it becomes vulnerable to decline toward May’s bottom of around 1.2310.
Trend: Further upside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2719 at the time of writing. Pair opened at 1.2644 and is trading with a change of 0.59% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2719 |
| 1 | Today Daily Change | 0.0075 |
| 2 | Today Daily Change % | 0.59% |
| 3 | Today daily open | 1.2644 |
The pair is trading above its 20 Daily moving average @ 1.2702, below its 50 Daily moving average @ 1.2782 , above its 100 Daily moving average @ 1.2644 and above its 200 Daily moving average @ 1.2407
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2702 |
| 1 | Daily SMA50 | 1.2782 |
| 2 | Daily SMA100 | 1.2644 |
| 3 | Daily SMA200 | 1.2407 |
The previous day high was 1.2655 while the previous day low was 1.2563. The daily 38.2% Fib levels comes at 1.262, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2598, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 1.2586, 1.2528, 1.2494
- Pivot resistance is noted at 1.2678, 1.2713, 1.277
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2655 |
| Previous Daily Low | 1.2563 |
| Previous Weekly High | 1.2800 |
| Previous Weekly Low | 1.2548 |
| Previous Monthly High | 1.3142 |
| Previous Monthly Low | 1.2659 |
| Daily Fibonacci 38.2% | 1.2620 |
| Daily Fibonacci 61.8% | 1.2598 |
| Daily Pivot Point S1 | 1.2586 |
| Daily Pivot Point S2 | 1.2528 |
| Daily Pivot Point S3 | 1.2494 |
| Daily Pivot Point R1 | 1.2678 |
| Daily Pivot Point R2 | 1.2713 |
| Daily Pivot Point R3 | 1.2770 |
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