GBP/USD Price Analysis: Bulls in control near weekly tops, around 1.2000 mark

  • 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
Daily SMA20 1.2404
Daily SMA50 1.2766
Daily SMA100 1.2896
Daily SMA200 1.2673
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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD drops back towards 0.6200 on RBA's FSR

Australian dollar ran through fresh offers on the RBA’s Financial Stability Review (FSR), as it highlighted the elevated risks to the economy due to the coronavirus outbreak. AUD/USD drops sharply towards 0.6200, having faced rejection near 0.6250. 


USD/JPY holds in neutral territory awaiting Fed's Powell

USD/JPY has been holding in consolidation and ranged sideways between 108.60 and 109.10 overnight. Fed's Powell and US jobs will be the final scheduled catalysts for the holiday-shortened week.


WTI: On the front foot above weekly resistance-turned-support

WTI nears the weekly top after breaking the short-term resistance line, now support. A sustained run-up could aim to fill the March month’s gap. 50% Fibonacci retracement, 200-HMA restrict near-term declines.

Oil News

Gold is consolidated in the $1640s in wind-down markets ahead of Fed's Powell

The markets are quieter in Asia following a strong performance on Wall Street with US stocks bouncing back from the prior session's lows. Gold has moved into consolidation between $1,647.60 and $1,650.

Gold News

What to expect from OPEC and G20

Equities and currencies traded higher today after Dr. Fauci, the US’ Director of National Institute of Allergy and Infectious Diseases said there could be a COVID-19 turnaround next week.

Read more