GBP/USD Price Analysis: Bulls eye key resistance confluence above 1.2900 amid Brexit optimism


  • GBPUSD stays firm after breaking 100-day EMA the previous day.
  • EU policymakers show preparedness to work on legal agreement.
  • A joint of 21-day and 50-day EMAs lures the pair buyers.
  • 61.8% Fibonacci retracement adds to the downside support.

GBP/USD remains positive while rising to 1.2875, up 0.31% on a day, during Tuesday’s Asian session. The Cable recently benefited from news shared by The Times that suggests the European Union (EU) is softening the stand over Brexit talks.

Read: GBP crosses catching a bid in Asia on Brexit hopes

Other than the fundamentals, the pair’s ability to cross the 100-day EMA also directs the bulls towards 1.2910/20 resistance confluence comprising 21-day and 50-day EMA.

Should GBP/USD buyers remain firm beyond 1.2920, the 1.3000 psychological magnet and the mid-month high around 1.3010 will be on their radars.

On the contrary, a downside break of 100-day EMA, currently near 1.2830 may rest on 61.8% Fibonacci retracement of June-September upside by the Pound major, at 1.2721 now.

In a case where the quote provides a daily closing below 1.2721, the early July tops near 1.2670 will be in the spotlight.

GBP/USD daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.2875
Today Daily Change 41 pips
Today Daily Change % 0.32%
Today daily open 1.2834
 
Trends
Daily SMA20 1.2962
Daily SMA50 1.3022
Daily SMA100 1.2738
Daily SMA200 1.272
 
Levels
Previous Daily High 1.293
Previous Daily Low 1.2747
Previous Weekly High 1.2967
Previous Weekly Low 1.2676
Previous Monthly High 1.3396
Previous Monthly Low 1.2982
Daily Fibonacci 38.2% 1.286
Daily Fibonacci 61.8% 1.2817
Daily Pivot Point S1 1.2744
Daily Pivot Point S2 1.2654
Daily Pivot Point S3 1.2561
Daily Pivot Point R1 1.2927
Daily Pivot Point R2 1.302
Daily Pivot Point R3 1.3111

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD fuelled 0.2% by strong PMI Composite in early Asia

AUD is up on the day so far as early data gives the bulls a head start. Early Asia has been kind to Aussie bulls with the price of the currency extending its late New York gains with a robust Construction PMI report, solidly above the 50.0 expansion level, arriving at 54.2.

AUD/USD News

NZD/USD bullish bets above 0.6690 marked down by CPI miss

NZD/USD bulls have been stopped in their tracks by the miss in the CPI data. The US dollar found a lease of life on Wall Street, bulls encouraged by data. New Zealand's CPI was released in recent trade which has changed the bird's flight trajectory in early Asia.

NZD/USD News

Gold: Bears seeking a continuation below key daily support

Gold prices are back under pressure and below a critical trendline on the daily chart. The swing trading opportunities are caught up in the wash of volatility. A day trading strategy could offer an opportunity if price obeys market structure.

Gold News

2020 US Elections: The final presidential debate

The second and final presidential debate between Donald Trump and Joe Biden promises to be a political event of the first magnitude. Mr. Biden leads i

Read more

WTI bulls keep the fuell buring into Wall Street close

West Texas Intermediate crude oil is higher on the day, although has run into resistance and started to consolidate.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures