GBP/USD Price Analysis: Bulls looking to extend the momentum beyond 200-hour SMA

GBP/USD surged past the 1.2800 round-figure mark during the early European session.
The technical set-up warrants some caution for bulls and positioning for additional gains.
Any subsequent move to the 1.2880 might be seen as an opportunity for bearish traders.

Haresh Menghani FXStreet

The GBP/USD pair spiked to fresh daily tops, around the 1.2840 region during the early European session, with bulls now looking to build on the momentum beyond 200-hour SMA.

The mentioned area coincides with the 50% Fibonacci level of the 1.3007-1.2676 recent slide. A sustained move beyond will be seen as a fresh trigger for intraday bullish traders follow-through and pave the way for a move back towards the 1.2900 mark.

Meanwhile, RSI (14) on the 1-hourly chart is already flashing overbought conditions. Moreover, technical indicators on the daily chart maintained their bearish bias and are yet to register any meaningful recovery, warranting caution for bulls.

Hence, any subsequent move might still be seen as an opportunity to initiate some fresh bearish positions. This, in turn, might cap the upside for the major near the 61.8% Fibo. level, around the 1.2880 zone.

On the flip side, the 1.2800 mark – coinciding with the 38.2% Fibo. level – now seems to protect the immediate downside. Failure to defend the mentioned support might turn the GBP/USD pair vulnerable to resume its recent downward trajectory.

Bears might then aim back to challenge the very important 200-day SMA support before eventually dragging the pair back towards multi-week lows, around the 1.2675 region.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2826
Today Daily Change	0.0079
Today Daily Change %	0.62
Today daily open	1.2747

Trends
Daily SMA20	1.2989
Daily SMA50	1.3018
Daily SMA100	1.2733
Daily SMA200	1.2721

Levels
Previous Daily High	1.2806
Previous Daily Low	1.2688
Previous Weekly High	1.2967
Previous Weekly Low	1.2676
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2733
Daily Fibonacci 61.8%	1.276
Daily Pivot Point S1	1.2688
Daily Pivot Point S2	1.2629
Daily Pivot Point S3	1.257
Daily Pivot Point R1	1.2806
Daily Pivot Point R2	1.2865
Daily Pivot Point R3	1.2924

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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