GBP/USD Price Analysis: 50-day EMA, 11-week-old resistance line in focus

GBP/USD shows no major action near two-week high, seesaws around 1.2330/35.
MACD turns bullish for the first time in 15 days.
A confluence of 50-day EMA, descending trend line from March 09 challenges the buyers.

Anil Panchal FXStreet

Having flashed over 1.0% gains the previous day, GBP/USD buyers catch a breather around 1.2330/35 amid the early Asian session on Wednesday.

While bulls are cheering the MACD histogram’s favor after many days, fresh entries are likely awaiting the sustained break of 1.2370/80 area including 50-day EMA and a falling trend line from March 09.

Should the bulls manage to cross 1.2380 on a daily closing basis, 100-day EMA and 61.8% Fibonacci retracement of the pair’s March month’s declines, around 1.2505/15, will become the buyers’ favorite.

On the contrary, sellers will hesitate to enter unless witnessing a break below the ten-week-old rising support line, at 1.2170 now. Though, odds of the pair’s pullback to Monday’s top near 1.2200 can’t be ruled out.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2334
Today Daily Change	144 pips
Today Daily Change %	1.18%
Today daily open	1.219

Trends
Daily SMA20	1.2322
Daily SMA50	1.2272
Daily SMA100	1.2613
Daily SMA200	1.2666

Levels
Previous Daily High	1.2204
Previous Daily Low	1.2164
Previous Weekly High	1.2296
Previous Weekly Low	1.2076
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2188
Daily Fibonacci 61.8%	1.2179
Daily Pivot Point S1	1.2168
Daily Pivot Point S2	1.2146
Daily Pivot Point S3	1.2129
Daily Pivot Point R1	1.2208
Daily Pivot Point R2	1.2225
Daily Pivot Point R3	1.2247

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.

British Pound eases to 1.3450 area following downwardly revised Manufacturing PMI data

The British Pound is trimming previous gains against the US Dollar on Monday, returning to the mid-range of the 1.3400s down from fresh seven-week highs, above 1.3500 earlier on the day. Weaker-than-expected UK manufacturing data added pressure on the Pound, which rallied at the Asian session opening, amid news of a halt to the hostilities in Iran.

EUR/USD struggles above 1.1500 despite USD weakness

EUR/USD struggles with its recovery above 1.1500 in European trading on Monday, despite broad US Dollar weakness and improved risk sentiment. The USD loses traction following US President Trump's call off an attack on Iran and that talks between the two sides would happen on Monday. Traders will closely monitor the developments surrounding US-Iran negotiations and US ISM PMI data.

Gold extends range play below $4,100 as rebounding USD meets receding Fed hike bets

Gold struggles to capitalize on a modest weekly bullish gap opening, and remains below the $4,100 mark heading into the European session. The US Dollar stages a modest recovery from its lowest level since June 17, which is seen capping the upside for the commodity. The upside for the USD, however, seems limited amid renewed hopes for a US-Iran peace deal and receding US Fed rate-hike expectations.

Week ahead: US payrolls report and AI earnings to keep investors on edge

After the Fed decision, NFP report awaited for more rate hike clues. Employment also on the agenda in Canada and New Zealand. Chinese trade and Japanese wage data to be watched too. But Iran and AI headlines to remain in driver’s seat for risk sentiment.

Solana risks a steeper decline below $70 despite steady ETF inflows

Solana (SOL) is trading in the red, losing bullish momentum and remaining capped below its 50-day Exponential Moving Average at $75.68. SOL-focused Exchange Traded Funds show resilience with a monthly inflow of $14.62 million in July, while the near-term retail support wanes with the funding rate turning negative.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.