GBP/USD Price Analysis: Battles 1.2900 following pullback from monthly rising channel’s resistance

GBPUSD eases from 1.252, the highest since early-March, towards 1.2900.
Overbought RSI conditions, resistance line of a bullish chart pattern favor the Cable’s further weakness.
200-bar SMA adds to the support, 1.3000 becomes the key for the further upside.

Anil Panchal FXStreet

GBP/USD recedes to 1.2925 during Wednesday’s Asian session. The pair refreshed the highest since March 13 the previous day but the upper line of an ascending trend channel from June 25 tamed the quote’s further upside amid overbought RSI conditions.

Considering this, the sellers are currently targeting the weekly support line, near 1.2850/45, as immediate rest ahead of revisiting July 21 top near 1.2770 and the mid-June top close to 1.2690.

If at all the bears remain dominant past-1.2690, support line of the said channel and 200-bar SMA, respectively around 1.2650 and 1.2555, become the key for the pair traders to watch.

On the upside, a sustained rise beyond the latest high near 1.2950 will need a clear break of 1.3000 threshold to aim for February 13 high of 1.3069 and March 2020 peak close to 1.3200.

GBP/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.2925
Today Daily Change	-7 pips
Today Daily Change %	-0.05%
Today daily open	1.2932

Trends
Daily SMA20	1.263
Daily SMA50	1.2525
Daily SMA100	1.241
Daily SMA200	1.2702

Levels
Previous Daily High	1.2953
Previous Daily Low	1.2838
Previous Weekly High	1.2804
Previous Weekly Low	1.2518
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2909
Daily Fibonacci 61.8%	1.2882
Daily Pivot Point S1	1.2863
Daily Pivot Point S2	1.2793
Daily Pivot Point S3	1.2748
Daily Pivot Point R1	1.2977
Daily Pivot Point R2	1.3022
Daily Pivot Point R3	1.3091

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.

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