GBP/USD Asia Price Forecast: Pound off 2020 lows, trades near 1.2950 level

GBP/USD is reversing from 2020 lows as the market printed a descending wedge.
The levels to beat for bulls is the 1.2995 level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

After the October and December bull-market, the pound is trading in a rectangle consolidation above its 100/200-day simple moving averages (SMAs).

GBP/USD four-hour chart

The pound is retracing back up after the market printed a descending wedge pattern. Bulls could try to defend the 1.2954 and 1.2914 support levels as the market is regaining some bullish momentum. However, buyers should try to beat the 1.2995 level in order to reach the 1.3035 and 1.3089 on the way up, according to the Technical Confluences Indicator.

Resistance: 1.2995, 1.3035, 1.3089

Support: 1.2954, 1.2914, 1.2887

Additional key levels

Dollar Index Spot

Overview
Today last price	99.05
Today Daily Change	0.28
Today Daily Change %	0.28
Today daily open	98.77

Trends
Daily SMA20	97.92
Daily SMA50	97.52
Daily SMA100	97.86
Daily SMA200	97.76

Levels
Previous Daily High	98.96
Previous Daily Low	98.71
Previous Weekly High	98.71
Previous Weekly Low	97.44
Previous Monthly High	98.19
Previous Monthly Low	96.42
Daily Fibonacci 38.2%	98.81
Daily Fibonacci 61.8%	98.86
Daily Pivot Point S1	98.67
Daily Pivot Point S2	98.56
Daily Pivot Point S3	98.42
Daily Pivot Point R1	98.92
Daily Pivot Point R2	99.06
Daily Pivot Point R3	99.17

Author

Flavio Tosti

Independent Analyst

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