GBP/USD Price Analysis: Bulls need to cross 1.2430 and 1.2450 to keep the reins

GBP/USD picks up bids to pare intraday losses inside one-week-old bullish channel.
Tops marked on Friday, Monday challenge Cable bulls ahead of the key 1.2445-50 resistance area.
RSI conditions suggest that the buyers are running out of steam.
Sellers need to defy bullish chart formation to retake control.

Anil Panchal FXStreet

GBP/USD renews intraday high around 1.2430 as it prods a short-term resistance confluence during early Tuesday. In doing so, the Cable pair reverses the early Asian session losses while struggling with the two-day-old horizontal area, as well as the top line of a one-week-long bullish channel.

That said, multiple tops marked since early December 2022 offer an additional upside hurdle of around 1.2445.

It’s worth noting that the nearly overbought RSI (14) challenges the GBP/USD buyers as they jostle with the key upside hurdles.

Hence, the Cable pair’s latest run-up appears elusive unless the quote stays below 1.2450, a break of which could propel the quote towards May 2022 high near 1.2665-70.

The 1.2500 and 1.2600 round figure may act as intermediate halts during the expected rise past 1.2450.

Meanwhile, pullback moves may initially aim for 1.2400 and the 1.2340 support level ahead of highlighting the 200-Hour Moving Average (HMA) level of 1.2320.

Even so, the 1.2300 rounds figure and the stated channel’s bottom line, currently around 1.2290, can act as the last defense of the GBP/USD pair buyers before welcoming the bears.

Overall, GBP/USD is likely to remain firmer but the upside room is likely, which in turn suggests an immediate pullback before the next leg towards the north.

GBP/USD: Hourly chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	1.2424
Today Daily Change	0.0011
Today Daily Change %	0.09%
Today daily open	1.2413

Trends
Daily SMA20	1.2183
Daily SMA50	1.215
Daily SMA100	1.2136
Daily SMA200	1.1896

Levels
Previous Daily High	1.2424
Previous Daily Low	1.2275
Previous Weekly High	1.2424
Previous Weekly Low	1.2219
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2367
Daily Fibonacci 61.8%	1.2332
Daily Pivot Point S1	1.2317
Daily Pivot Point S2	1.2221
Daily Pivot Point S3	1.2168
Daily Pivot Point R1	1.2466
Daily Pivot Point R2	1.2519
Daily Pivot Point R3	1.2615

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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