GBP/USD Technical Analysis: Retreats from 4-1/2 month tops amid slightly overbought conditions
|• The pair continued gaining strong positive traction the mid-European session on Tuesday and climbed further beyond the 1.3200 handle, hitting the highest level since mid-October.
• Hope for either a Brexit extension or that the UK PM May might rule out a no-deal Brexit outcome turned out to be one of the key factors fueling the ongoing strong positive momentum.
• Meanwhile, a sustained move beyond the 1.3100 handle was seen as a key trigger for intraday bullish traders and behind a strong 140-pips intraday up-move to levels beyond the 1.3200 mark.
• However, slightly overstretched technical indicators on hourly charts kept a lid on any strong follow-through ahead of the UK PM Theresa May's statement in the parliament later today.
• Any positive headlines might be enough to provide an additional boost and easily lift the pair further beyond the 1.3250-60 intermediate hurdle towards reclaiming the 1.3300 handle.
GBP/USD 1-hourly chart
GBP/USD
Overview:
Today Last Price: 1.3199
Today Daily change %: 0.75%
Today Daily Open: 1.3101
Trends:
Daily SMA20: 1.2986
Daily SMA50: 1.2877
Daily SMA100: 1.2879
Daily SMA200: 1.2993
Levels:
Previous Daily High: 1.3115
Previous Daily Low: 1.3051
Previous Weekly High: 1.3109
Previous Weekly Low: 1.2891
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.309
Daily Fibonacci 61.8%: 1.3075
Daily Pivot Point S1: 1.3063
Daily Pivot Point S2: 1.3025
Daily Pivot Point S3: 1.3
Daily Pivot Point R1: 1.3127
Daily Pivot Point R2: 1.3153
Daily Pivot Point R3: 1.3191
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