GBP/USD Price Analysis: Bulls flex muscles for another fight with 1.2450 hurdle

GBP/USD stays firmer at the highest levels in two months.
Successful trading above a fortnight-old ascending support line, 2.5-month-old horizontal area keeps Cable bulls hopeful.
Multiple tops marked since early December 2022 highlights 1.2445-50 as the key upside resistance.
Upbeat oscillators add strength to the bullish bias.

Anil Panchal FXStreet

GBP/USD bulls keep the reins around a two-month high near 1.2390 as they approach a critical resistance area during early Friday. In doing so, the Cable pair braces for a five-week uptrend.

That said, a sustained break of the 10-week-old horizontal resistance area, now support around 1.2285-65, joins the clear respect of a fortnight-long ascending trend line, close to 1.2320, to keep the GBP/USD pair buyers hopeful.

Adding strength to the upside bias are the bullish MACD signals and the firmer RSI (14) line, not overbought.

As a result, the Cable pair appears well-set to challenge an area comprising multiple tops marked since December 13, 2022, around mid-1.2400s.

Given the absence of the overbought RSI, in addition to the aforementioned price-positive catalysts, the GBP/USD is likely to cross the stated 1.2450 crucial resistance.

Following that, the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves, near 1.2610 will be in focus.

Meanwhile, the previously stated support line and the broad horizontal area, respectively near 1.2320 and 1.2285-65, restrict short-term GBP/USD downside.

In a case where GBP/USD drops below 1.2265, the mid-month top around the 1.2200 threshold could lure the bears.

It should be noted that the 23.6% Fibonacci retracement of the Cable pair’s November 2022 to January 2023 moves, near 1.2140, precedes the 1.2000 psychological magnet to challenge the bulls afterward.

GBP/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2386
Today Daily Change	0.0074
Today Daily Change %	0.60%
Today daily open	1.2312

Trends
Daily SMA20	1.2127
Daily SMA50	1.215
Daily SMA100	1.2118
Daily SMA200	1.1894

Levels
Previous Daily High	1.2362
Previous Daily Low	1.2303
Previous Weekly High	1.2344
Previous Weekly Low	1.2167
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2325
Daily Fibonacci 61.8%	1.2339
Daily Pivot Point S1	1.2289
Daily Pivot Point S2	1.2267
Daily Pivot Point S3	1.2231
Daily Pivot Point R1	1.2348
Daily Pivot Point R2	1.2384
Daily Pivot Point R3	1.2407

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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