GBP/USD Price Analysis: Mildly bid above 1.2900 after Friday’s Doji
|- GBP/USD refreshes intraday high after the recent bullish candlestick formation on D1.
- Bullish MACD, sustained trading beyond 100-day SMA also favor the buyers.
- 50-day SMA offers immediate resistance ahead of 1.3077/82 confluence.
GBP/USD takes the bids near 1.2936, an intraday high of 1.2938, as markets in Tokyo open for trading. The pair rises following its formation of the bullish candlestick pattern on the daily (D1) chart the previous day.
The bullish MACD conditions and the pair’s successful trading above 100-day SMA are extra price-positive signals that favor the GBP/USD bulls.
As a result, the quote can again confront a 50-day SMA level of 1.3011 during its further upside. However, a confluence of the monthly top and 50% Fibonacci retracement of the September month downside, near 1.3077/82, will question the additional rise of the pair.
Meanwhile, Friday’s low and 100-day SMA, respectively around 1.2860 and 1.2840, can limit short-term declines of GBP/USD.
It should, however, be noted that a clear downside break of 1.2840 will direct sellers towards the previous month’s low near 1.2675.
GBP/USD daily chart
Trend: Further recovery expected
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