- GBP/USD’s path of least resistance appears to the upside.
- The spot charted a bull pennant on the 15-minutes chart.
- Bullish crossover and RSI add credence to the advance.
From a near-term technical perspective, the spot is consolidating the upside following a breakout from a bull pennant confirmed on the 15-minutes chart. The measured target is aligned at 1.3396.
The upside momentum gained traction after the 50-simple moving average (SMA) on the said timeframe crossed the 100-SMA from below, charting a bullish crossover.
The Relative Strength Index (RSI) has turned south but trades will above the 50.00 level, suggesting that the upside bias still remains intact.
The immediate support at 1.3367 could likely limit the retracement. Although a close below that level could invalidate the bullish formation.
The next support is then seen at the horizontal 200-SMA at 1.3363. The psychological level of 1.3350 could challenge the bears’ commitment.
GBP/USD: 15-minutes chart
GBP/USD: Additional levels
|Today last price||1.3373|
|Today Daily Change||0.0017|
|Today Daily Change %||0.13|
|Today daily open||1.3356|
|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|
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