GBP/USD Price Analysis: Bulls looking to extend the post-BoE positive move beyond 1.3100 mark

  • GBP/USD rebounds sharply from 2-1/2-month-old ascending trend-line.
  • The upside is likely to remain capped by another descending trend-line.

The GBP/USD pair staged a solid intraday recovery from closer to weekly lows and support marked by 2-1/2 month-old ascending trend-line. The positive momentum got an additional boost, lifting the pair to the 1.3100 neighbourhood following a relatively hawkish BoE policy decision.

Technical indicators on 4-hourly/daily charts have now moved back into the positive territory. However, oscillators on the 1-hourly chart are already flashing slightly overbought conditions and hence, any subsequent positive move might stall near the 1.3135 horizontal resistance zone.

Some follow-through buying might lift the pair further towards last week's swing high, around the 1.3170 region. The latter coincides with a near two-week-old descending trend-line resistance and cap additional gains ahead of the UK's exit from the European Union on Friday.

On the flip side, immediate support is now pegged near the 1.3050-45 region, below which the pair is likely to slide back towards challenging the mentioned trend-line support. A convincing break through might be seen as a key trigger for bearish traders and open the room for a further downfall.

GBP/USD daily chart



Today last price 1.309
Today Daily Change 0.0075
Today Daily Change % 0.58
Today daily open 1.3015
Daily SMA20 1.3066
Daily SMA50 1.3062
Daily SMA100 1.286
Daily SMA200 1.2693
Previous Daily High 1.3032
Previous Daily Low 1.2989
Previous Weekly High 1.3175
Previous Weekly Low 1.2962
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3005
Daily Fibonacci 61.8% 1.3016
Daily Pivot Point S1 1.2992
Daily Pivot Point S2 1.2969
Daily Pivot Point S3 1.2949
Daily Pivot Point R1 1.3035
Daily Pivot Point R2 1.3055
Daily Pivot Point R3 1.3078



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