GBPUSD @ 1.20948 – Support/Resistance analysis: Price Analysis: Pokes weekly resistance line around 1.2100

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GBPUSD @ 1.20948 – Support/Resistance analysis: Price Analysis: Pokes weekly resistance line around 1.2100

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• GBP/USD keeps the previous day’s rebound, the consecutive third one from 50% Fibonacci retracement since late July.
• Steady RSI, impending bull cross on MACD teases buyers to overcome immediate hurdle.
• 100-SMA adds to the upside filters, multiple supports to challenge bears.

The pair currently trades last at 1.20948.

The previous day high was 1.2148 while the previous day low was 1.205. The daily 38.2% Fib levels comes at 1.2088, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2111, expected to provide resistance.

GBP/USD picks up bids to extend the previous day’s recovery to 1.2100 during Wednesday’s Asian session. In doing so, the Cable pair approaches a one-week-old resistance line while also portraying the third bounce off the 50% Fibonacci retracement level of July-August advances.

In addition to the sustained rebound from the key Fibonacci support, steady RSI and a looming bull cross of the MACD also keep the GBP/USD buyers hopeful of overcoming the 1.2110 immediate hurdle.

Even so, the 100-SMA level of 1.2130 acts as an extra filter to the north before giving control to the bulls.

Following that, the 1.2200 threshold may act as an intermediate halt during the run-up to the monthly high near 1.2295.

Alternatively, pullback moves may initially test the 200-SMA, around 1.2045 at the latest, before revisiting the 50% Fibonacci retracement level of 1.2030.

In a case where the GBP/USD bears keep reins past 1.2030 key support, the 61.8% Fibonacci retracement level and late July’s swing low, respectively around 1.1965 and 1.1890, will be in focus.

Trend: Further upside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2098 at the time of writing. Pair opened at 1.2054 and is trading with a change of 0.37% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2104, 50 SMA 1.2129, 100 SMA @ 1.2415 and 200 SMA @ 1.2905.

The previous day high was 1.2148 while the previous day low was 1.205. The daily 38.2% Fib levels comes at 1.2088, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2111, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.202, 1.1986, 1.1922
• Pivot resistance is noted at 1.2119, 1.2183, 1.2217

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