GBP/USD Price Analysis: Consolidates below 1.2900 amid overbought RSI

GBP/USD eases from 4.5-month high flashed the previous day.
Overbought RSI conditions, nearby resistance line favor sellers.
A confluence of 200-day SMA, 61.8% Fibonacci retracement is the key support.

Anil Panchal FXStreet

GBP/USD recedes to 1.2880 during the initial hour of Tokyo open on Tuesday. The Cable refreshed the highest levels since March 11 on Monday. Though, overbought RSI conditions and an upward sloping trend line from March 13 seem to back the latest range between 1.2867 and 1.2902.

During the pair’s further weakness, which is more likely, 61.8% Fibonacci retracement of December 2019 to March 2020 fall and 200-day SMA, around 1.2705-15, will offer strong support. It’s worth mentioning that June month’s top near 1.2815 can act as an immediate rest-point for the pair.

Should the bears refrain from respecting 1.2700 support, 50% Fibonacci retracement level of 1.2466 and the monthly bottom around 1.2360 can entertain the bears while targeting June 29 bottom close to 1.2250.

Meanwhile, an upside clearance of 1.2915 resistance line will be a clear signal to attack 1.3000 threshold with February 13 high of 1.3069 and March month’s peak surrounding 1.3200 be the next on the bulls’ radar.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.288
Today Daily Change	-2 pips
Today Daily Change %	-0.02%
Today daily open	1.2882

Trends
Daily SMA20	1.2603
Daily SMA50	1.2512
Daily SMA100	1.241
Daily SMA200	1.2702

Levels
Previous Daily High	1.2903
Previous Daily Low	1.2782
Previous Weekly High	1.2804
Previous Weekly Low	1.2518
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2857
Daily Fibonacci 61.8%	1.2828
Daily Pivot Point S1	1.2809
Daily Pivot Point S2	1.2735
Daily Pivot Point S3	1.2688
Daily Pivot Point R1	1.293
Daily Pivot Point R2	1.2977
Daily Pivot Point R3	1.305

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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