GBP/USD Price Analysis: Bounces off one-week-old support line towards 1.3100

GBP/USD refrains from staying below 1.3050 since August 14.
RSI recovery directs traders to a two-day-old resistance line.
Sellers can aim for the monthly bottom below the support line.

Anil Panchal FXStreet

GBP/USD refreshes the intraday high while rising to 1.3077, up 0.11% on a day, during the early Tuesday’s trading. The cable dropped to a one-week low on Monday but a descending trend line from August 17 triggered its pullback. Also supporting the buyers is the recovery in the RSI conditions.

As a result, a falling trend line from Friday, at 1.3106 now, is gaining the market attention ahead of a 100-hour EMA level near 1.3125.

If buyers manage to cross 1.3125, the previous day’s top near 1.3150 will be the key as it holds the gate for the pair’s run-up towards Friday’s top around 1.3255 and the monthly peak surrounding 1.3270.

It’s worth mentioning that March month’s high close to 1.3200 can act as an intermediate halt between 1.3150 and 1.3255.

On the contrary, a downside break below 1.3050 will attack the 1.3000 threshold. Though, the monthly low of 1.2981 can challenge the sellers afterward.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3078
Today Daily Change	14 pips
Today Daily Change %	0.11%
Today daily open	1.3064

Trends
Daily SMA20	1.3084
Daily SMA50	1.2762
Daily SMA100	1.2591
Daily SMA200	1.2723

Levels
Previous Daily High	1.3149
Previous Daily Low	1.3054
Previous Weekly High	1.3267
Previous Weekly Low	1.3059
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.309
Daily Fibonacci 61.8%	1.3113
Daily Pivot Point S1	1.3029
Daily Pivot Point S2	1.2994
Daily Pivot Point S3	1.2934
Daily Pivot Point R1	1.3124
Daily Pivot Point R2	1.3184
Daily Pivot Point R3	1.3219

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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