GBP/USD Price Analysis: Bulls might now aim toward the 1.30 confluence hurdle

GBP/USD edges higher for the third consecutive session.
The technical set-up now seems tilted in favour of bulls.

Haresh Menghani FXStreet

The GBP/USD pair built on this week's recovery move from 2-1/2 month lows and edged higher for the third consecutive session on Wednesday.

The overnight sustained move beyond 100-hour SMA, coupled with bullish oscillators on hourly charts was seen fueling the recovery momentum.

Despite the constructive set-up, any subsequent positive move might confront some fresh supply near a confluence region around the key 1.30 psychological mark.

The mentioned barrier comprises of 200-hour SMA and 38.2% Fibonacci level of the 1.3210-1.2872 fall, which should act as a key pivotal point for short-term traders.

Above the said hurdle, the pair is likely to accelerate the momentum further towards the recent swing high resistance near the 1.3075-80 region (nearing 61.8% Fibo.).

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2981
Today Daily Change	0.0023
Today Daily Change %	0.18
Today daily open	1.2958

Trends
Daily SMA20	1.3029
Daily SMA50	1.3078
Daily SMA100	1.2908
Daily SMA200	1.2692

Levels
Previous Daily High	1.297
Previous Daily Low	1.2894
Previous Weekly High	1.3184
Previous Weekly Low	1.2882
Previous Monthly High	1.3281
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.2941
Daily Fibonacci 61.8%	1.2923
Daily Pivot Point S1	1.2911
Daily Pivot Point S2	1.2865
Daily Pivot Point S3	1.2835
Daily Pivot Point R1	1.2987
Daily Pivot Point R2	1.3017
Daily Pivot Point R3	1.3063

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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