GBP/USD Price Analysis: 100-HMA defends buyers around mid-1.1500s

GBP/USD remains on the front foot on a day despite the latest pullback.
Firmer RSI, bullish MACD signals join upside break of weekly resistance line to favor buyers.
Sellers have a bumpy road to travel before visiting March 2020 low.

Anil Panchal FXStreet

GBP/USD remains on the buyer’s radar even after paring the daily gains around 1.1565 during early Tuesday morning in Europe. That said, the 100-HMA defends the cable pair buyers amid firmer RSI and bullish MACD signals.

Also keeping the GBP/USD bulls hopeful is the sustained trading beyond a downward sloping resistance line from June 30, now support around 1.1510.

It should be noted that an upward sloping support line from the previous day, near 1.1545, precedes the 1.1500 threshold to also challenge the GBP/USD sellers.

In a case where the Cable pair drops below 1.1500, the latest trough and the March 2020 bottom, respectively near 1.1445 and 1.1410, will be in focus.

Alternatively, the GBP/USD pair’s recovery moves could aim for the 200-HMA level near 1.1655.

Following that, the 1.1700 round figure and the August-end swing high at 1.1760 could lure the GBP/USD bulls.

It should be noted that July’s low also strengthens the 1.1760 hurdle, a break of which could give control to the bull’s hands.

GBP/USD: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.1567
Today Daily Change	0.0050
Today Daily Change %	0.43%
Today daily open	1.1517

Trends
Daily SMA20	1.1856
Daily SMA50	1.1969
Daily SMA100	1.2218
Daily SMA200	1.2782

Levels
Previous Daily High	1.1522
Previous Daily Low	1.1444
Previous Weekly High	1.1761
Previous Weekly Low	1.1496
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1492
Daily Fibonacci 61.8%	1.1474
Daily Pivot Point S1	1.1466
Daily Pivot Point S2	1.1416
Daily Pivot Point S3	1.1388
Daily Pivot Point R1	1.1545
Daily Pivot Point R2	1.1573
Daily Pivot Point R3	1.1623

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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