GBP/USD Price Analysis: Bulls gathering pace for further upside

GBP/USD remains poised for additional gains amid favorable technicals.
200-HMA and bullish crossover keep the buyers hopeful.
100-HMA at 1.3625 is on sight amid bullish RSI.

Dhwani Mehta FXStreet

GBP/USD is setting the stage to extend Monday’s recovery, with the near-term technical setup favoring the bulls.

On the hourly chart, the cable has entered a phase of consolidation around 1.3600. The bulls have managed to defend the 200-hourly moving average (HMA) support at 1.3598, keeping the prospects of further upside in place.

Also, a bullish crossover is confirmed on the said time frame, with the 21-HMA having pierced the 50-HMA from above. The bull cross also adds credence to a likely move higher.

The Relative Strength Index (RSI) points north while above the midline, allowing room for more gains.

Therefore, the 100-HMA barrier at 1.3625 comes as the first line of resistance, above which the 1.3650 psychological level could be challenged.

On the flip side, acceptance below the 200-HMA could call for a test of the critical support at 1.3589, where the 21 and 50-HMAs intersect.

Further south, Friday’s low of 1.3572 could be challenged while Monday’s low of 1.3519 remains the last line of defense for the bulls.

GBP/USD: Hourly chart

GBP/USD: Additional levels

GBP/USD

Overview
Today last price	1.3610
Today Daily Change	0.0024
Today Daily Change %	0.18
Today daily open	1.3586

Trends
Daily SMA20	1.3574
Daily SMA50	1.3434
Daily SMA100	1.3206
Daily SMA200	1.2919

Levels
Previous Daily High	1.3606
Previous Daily Low	1.352
Previous Weekly High	1.371
Previous Weekly Low	1.3451
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3573
Daily Fibonacci 61.8%	1.3553
Daily Pivot Point S1	1.3535
Daily Pivot Point S2	1.3485
Daily Pivot Point S3	1.3449
Daily Pivot Point R1	1.3622
Daily Pivot Point R2	1.3657
Daily Pivot Point R3	1.3708

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.