GBP/USD Price Analysis: 1.2445/50 resistance confluence regains market attention


  • GBP/USD seesaws near three-day high after the previous day’s notable rise.
  • The quote keeps an upside break of 61.8% Fibonacci retracement to confront a three-week-old descending trend line.
  • A confluence of 50% Fibonacci retracement, 21-day EMA and 50-day EMA becomes a tough nut to crack for buyers.
  • Sellers will wait for entries unless breaking 1.2250.

GBP/USD bulls catch a breather around the weekly top while trading near 1.2400 amid the early Asian session on Wednesday. The Cable printed heavy gains to cross 61.8% Fibonacci retracement of May-June upside the previous day.

Considering the quote’s sustained break above the key Fibonacci retracement, it becomes capable to overcome the immediate resistance line, at 1.2410 now. However, the 1.2445/50 area comprising 50% Fibonacci retracement and key EMAs will challenge the pair’s further upside.

In a case where the bulls dominate past-1.2445/50, 1.2545 and 1.2690 could offer intermediate halts ahead of fueling the quote towards June month’s top surrounding 1.2815.

Meanwhile, a daily closing below 1.2358, comprising 61.8% of Fibonacci retracement, could divert the sellers towards attacking Monday’s low near 1.2250.

Should the sellers succeed in breaking 1.2250 support, May 22 bottom close to 1.2160 might act as a buffer before dragging the move towards the May 18 low of 1.2075.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2398
Today Daily Change 99 pips
Today Daily Change % 0.80%
Today daily open 1.2299
 
Trends
Daily SMA20 1.2535
Daily SMA50 1.2413
Daily SMA100 1.2478
Daily SMA200 1.2691
 
Levels
Previous Daily High 1.239
Previous Daily Low 1.2252
Previous Weekly High 1.2543
Previous Weekly Low 1.2314
Previous Monthly High 1.2601
Previous Monthly Low 1.2076
Daily Fibonacci 38.2% 1.2304
Daily Fibonacci 61.8% 1.2337
Daily Pivot Point S1 1.2237
Daily Pivot Point S2 1.2175
Daily Pivot Point S3 1.2099
Daily Pivot Point R1 1.2375
Daily Pivot Point R2 1.2451
Daily Pivot Point R3 1.2513

 

 

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