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 looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold loses momentum, eases below $5,000

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

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.