GBP/USD Price Analysis: Bulls look for entry beyond 1.2650

GBP/USD bounces off 1.2585 to again challenge April top near 1.2650.
RSI divergence on the 4-hour chart also questions further upside.
One-week-old support line restricts immediate declines below 1.2585.

Anil Panchal FXStreet

GBP/USD prints 0.11% gains while taking the bids near 1.2610 during the early Friday’s Asian session. Even so, the Cable stays below the 1.2640/50 horizontal area comprising highs marked in April month.

Other than the strong upside barrier around 1.2640/50, bearish RSI divergence also increases the odds for the pair’s pullback.

In doing so, an ascending trend line from May 29, at 1.2525 now, will act as immediate support, a break of which can recall 1.2500 and May 05 top near 1.2485 on the chart.

If at all the bears remain dominant past-1.2485, 1.2465 holds the key to the quote’s further downside towards May 12 high near 1.2375/80.

Alternatively, the pair’s run-up past-1.2650 enables it to challenge 1.2700 while also aiming for February 2020 low close to 1.2725.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2612
Today Daily Change	38 pips
Today Daily Change %	0.30%
Today daily open	1.2574

Trends
Daily SMA20	1.2305
Daily SMA50	1.237
Daily SMA100	1.2568
Daily SMA200	1.2673

Levels
Previous Daily High	1.2616
Previous Daily Low	1.2547
Previous Weekly High	1.2394
Previous Weekly Low	1.2164
Previous Monthly High	1.2601
Previous Monthly Low	1.2076
Daily Fibonacci 38.2%	1.2589
Daily Fibonacci 61.8%	1.2573
Daily Pivot Point S1	1.2542
Daily Pivot Point S2	1.251
Daily Pivot Point S3	1.2473
Daily Pivot Point R1	1.2611
Daily Pivot Point R2	1.2647
Daily Pivot Point R3	1.2679

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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