- The daily chart portrays that the GBP/USD is still upward biased.
- Short term, the GBP/USD breaking a downslope trendline paved the way for further upside.
- GBP/USD Price Analysis: Intraday speaking, a test of 1.2400 is on the cards, followed by 1.2440.
The GBP/USD is trading almost flat as the Asian Pacific session begins. On Wednesday, the GBP/USD closed on a higher note, up by a half percent (0.50%), but fell short of achieving a daily close at 1.2400. Nevertheless, the uptrend remains intact, and the GBP/USD exchanges hands at 1.2392, registering minimal losses of 0.04%.
GBP/USD Price Analysis: Technical outlook
From a daily chart perspective, the GBP/USD remains upward biased, with sellers failing to drag prices below the 20-day Exponential Moving Average (EMA) at 1.2254. To further extend its uptrend, GBP/USD bulls need to reclaim 1.2443, which would exacerbate a rally towards June’s high of 1.2597, shy of the 1.2600 figure.
Intraday speaking, the GBP/USD is neutral to upward biased. After breaking above a downslope resistance trendline drawn from January 23 highs, broken around 1.2370/75, opened the door to challenge the 1.2400 mark. Nonetheless, the Relative Strength Index (RSI) slope is aiming downward, which suggests that a pullback to the daily pivot point level at 1.2363 is on the cards. Following that, the GBP/USD might print a leg up towards 1.2400, followed by the R1 daily pivot at 1.2440, followed by the R2 pivot at 1.2483.
GBP/USD Key Technical Levels
|Today last price||1.2394|
|Today Daily Change||0.0059|
|Today Daily Change %||0.48|
|Today daily open||1.2335|
|Previous Daily High||1.2414|
|Previous Daily Low||1.2263|
|Previous Weekly High||1.2436|
|Previous Weekly Low||1.2169|
|Previous Monthly High||1.2447|
|Previous Monthly Low||1.1992|
|Daily Fibonacci 38.2%||1.2321|
|Daily Fibonacci 61.8%||1.2356|
|Daily Pivot Point S1||1.2261|
|Daily Pivot Point S2||1.2187|
|Daily Pivot Point S3||1.211|
|Daily Pivot Point R1||1.2412|
|Daily Pivot Point R2||1.2488|
|Daily Pivot Point R3||1.2562|
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