GBP/USD Price Analysis: Clings to 100-DMA ahead of UK/US PMIs

GBP/USD edges higher following a two-day uptrend to weekly top.
50% Fibonacci retracement guards immediate upside, 10-week-old horizontal area become the key support.
Bulls remain hopeful amid upbeat until the quote stays beyond 61.8% Fibonacci retracement.

Anil Panchal FXStreet

GBP/USD sellers attack intraday low near 1.3940, keeping choppy moves inside a 10-pips trading range, amid the Asian session on Wednesday. In doing so, the quote seesaws around 100-day SMA after rising for the last two consecutive days.

Considering the cable pair’s sustained trading above 61.8% Fibonacci retracement of April-June upside, amid recovering RSI, the weekly uptrend is likely to prevail, awaiting the monthly PMI data from the US and the UK.

However, the 50% Fibonacci retracement level near 1.3960 tests the intraday buyers ahead of the key horizontal resistance around 1.4005-10.

In a case where the GBP/USD buyers cross the 1.4010 hurdle, the 1.4100 threshold should return to the chart.

Meanwhile, pullback moves may aim for 61.8% Fibonacci retracement close to 1.3890 before eyeing the April 22 low near 1.3820. Though, any further declines will be challenged by the 1.3810–3790 region comprising multiple levels marked since mid-April.

Overall, GBP/USD remains in the recovery mode but bulls need fresh fuel to extend the run-up, which in turn emphasize on today’s activity numbers.

GBP/USD daily chart

Trend: Bullish

additional important levels

Overview
Today last price	1.3949
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.3945

Trends
Daily SMA20	1.4092
Daily SMA50	1.4029
Daily SMA100	1.3943
Daily SMA200	1.3609

Levels
Previous Daily High	1.3964
Previous Daily Low	1.386
Previous Weekly High	1.4133
Previous Weekly Low	1.3792
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.3924
Daily Fibonacci 61.8%	1.39
Daily Pivot Point S1	1.3883
Daily Pivot Point S2	1.382
Daily Pivot Point S3	1.3779
Daily Pivot Point R1	1.3986
Daily Pivot Point R2	1.4026
Daily Pivot Point R3	1.4089

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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