- GBP/USD managed to attract some dip-buying near 100-hour SMA.
- Oscillators on the daily chart warrant some caution for bullish traders.
The GBP/USD pair continued scaling higher through the early North-American session and jumped to levels beyond the key 1.20 psychological mark, or over one-week tops.
Given that the early dip was bought into near 100-hour SMA, a subsequent move beyond the 1.1940-50 supply zone was seen as a key trigger for intraday bullish traders.
The positive momentum was further fueled by the fact that oscillators on hourly charts have been gaining positive traction, which supports prospects for additional gains.
However, technical indicators on the daily chart are yet to catch up with the recent positive move and maintained their bearish bias, warranting some caution for bulls.
Hence, it will be prudent to wait for some strong follow-through buying before positioning for any further near-term appreciating move, possibly even beyond the 1.2100 mark.
On the flip side, immediate support is now pegged near the 1.1950-40 region, which if broken might drag the pair back towards the post-BoE lows, around the 1.1865 region.
This is followed by support near the 1.1800 mark, below which the pair might head back towards challenging 100-hour SMA, currently near the 1.1735 area.
GBP/USD 1-hourly chart
Technical levels to watch
|Today last price||1.1978|
|Today Daily Change||0.0098|
|Today Daily Change %||0.82|
|Today daily open||1.188|
|Previous Daily High||1.1974|
|Previous Daily Low||1.1639|
|Previous Weekly High||1.24|
|Previous Weekly Low||1.1412|
|Previous Monthly High||1.3204|
|Previous Monthly Low||1.2726|
|Daily Fibonacci 38.2%||1.1846|
|Daily Fibonacci 61.8%||1.1767|
|Daily Pivot Point S1||1.1688|
|Daily Pivot Point S2||1.1496|
|Daily Pivot Point S3||1.1354|
|Daily Pivot Point R1||1.2022|
|Daily Pivot Point R2||1.2165|
|Daily Pivot Point R3||1.2357|
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.