GBP/USD Price Analysis: Bounces off 50-HMA within weekly trading range

GBP/USD rebounds from intraday low, stays indecisive after reversing from one-month high the previous day.
One-week-old ascending trend line, weekly range’s lower band strengthens 1.2140-35 support confluence.
Bulls need validation from 1.2205 to probe mid-February highs.

Anil Panchal FXStreet

GBP/USD reverses from the intraday low surrounding 1.2145 amid the initial hour of Wednesday’s London open. The Cable pair, however, stays within a week-long trading range between 1.2135 and 1.2205.

The quote’s latest rebound could be linked to its U-turn from the 50-Hour Moving Average (HMA), around 1.2150 by the press time. However, the sluggish MACD signals suggest the continuation of the grind inside the aforementioned 70-pip range established since Monday.

That said, an upward-sloping trend line from the last Wednesday adds strength to the 1.2135 support.

It should be noted that the 100-HMA and the 200-HMA, respectively near 1.2060 and 1.2000 in that order, act as additional downside filters before giving control to the GBP/USD bears.

Alternatively, a successful break of 1.2205 enables the Cable pair buyers to challenge the mid-February high surrounding 1.2270.

In a case where the GBP/USD price remains firmer past 1.2270, the 1.2300 can act as an intermediate halt before highlighting the 1.2445-50 key horizontal hurdle that restricted the pair’s upside during late 2022 and early 2023.

Overall GBP/USD remains on the bull’s radar despite the previous day’s pullback from a one-month high.

GBP/USD: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.2154
Today Daily Change	-0.0004
Today Daily Change %	-0.03%
Today daily open	1.2158

Trends
Daily SMA20	1.2015
Daily SMA50	1.2135
Daily SMA100	1.2033
Daily SMA200	1.1897

Levels
Previous Daily High	1.2204
Previous Daily Low	1.2136
Previous Weekly High	1.2114
Previous Weekly Low	1.1803
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2162
Daily Fibonacci 61.8%	1.2178
Daily Pivot Point S1	1.2128
Daily Pivot Point S2	1.2097
Daily Pivot Point S3	1.2059
Daily Pivot Point R1	1.2196
Daily Pivot Point R2	1.2235
Daily Pivot Point R3	1.2265

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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