GBP/USD Price Analysis: 19-day-old support line probes pullback from three-month top

GBP/USD trades in a choppy range around 1.3350-60.
Strong RSI conditions, not overbought, suggest further advances of the pair.
21-day SMA adds to the downside filter, September high on bulls’ radars.

Anil Panchal FXStreet

GBP/USD wavers around 1.3350, recently picking up bids near 1.3355, during early Friday. In doing so, the pair stops the previous day’s U-turn from the highest since September 02 while testing an upward sloping trend line from November 02.

With the RSI conditions a bit lower than the overbought, the latest recovery in the GBP/USD price can continue justifying the bounce from a strong support line towards the monthly high near 1.3400.

It should, however, be noted that the pair’s ability to cross the 1.3400 threshold will eye the fresh the yearly top, beyond September’s peak of 1.3482.

Meanwhile, a daily closing below the stated support line, at 1.3345 now, will take the quote towards a 21-day SMA level of 1.3198.

Though, GBP/USD traders need to break October’s top of 1.3176 to keep the reins past-1.3198.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3351
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.3356

Trends
Daily SMA20	1.3191
Daily SMA50	1.3034
Daily SMA100	1.3014
Daily SMA200	1.2727

Levels
Previous Daily High	1.3398
Previous Daily Low	1.3322
Previous Weekly High	1.3312
Previous Weekly Low	1.3166
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.3351
Daily Fibonacci 61.8%	1.3369
Daily Pivot Point S1	1.332
Daily Pivot Point S2	1.3283
Daily Pivot Point S3	1.3244
Daily Pivot Point R1	1.3396
Daily Pivot Point R2	1.3434
Daily Pivot Point R3	1.3471

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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.