GBP/USD Price Analysis: Exceeds 38.2% Fibo retracement and 200-EMA, 1.2700 eyed


  • A bullish reversal has been triggered as the asset has overstepped 38.2% Fibo retracement.
  • The asset is comfortably balancing above the 200-EMA.
  • The RSI (14) has shifted into a 60.00-80.00 range, which adds to the upside filters.

The GBP/USD pair is sensing a mild selling pressure near 1.2660 after a vertical upside move in the Asian session. The cable has remained in the grip of bulls after hitting the monthly lows at 1.2155. A two-day winning streak has been continued by the pound bulls on Friday after overstepping Thursday’s high at 1.2621.

On a four-hour scale, the cable has overstepped 38.2% Fibonacci retracement (which is placed from March 23 high at 1.3300 to May 13 low at 1.2155) at 1.2590. Usually, overstepping of 38.2% Fibo retracement is considered as a bullish reversal in the counter.

The asset has comfortably established above the 200-period Exponential Moving Average (EMA) at 1.2613, which adds to the upside filters. Also, the asset holds above the 50-EMA near 1.2500.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a bullish range of 60.00-80.00, which signals the strength of the sterling bulls.

A minor pullback move towards the 200-EMA at 1.2613 will be an optimal buying opportunity for investors, which will drive the major towards Friday’s high at 1.2667, followed by the round-level resistance at 1.2700.

 On the flip side, the greenback bulls could regain control if the asset drops below weekly lows at 1.2471. An occurrence of the same will drag the asset towards 23.6% Fibo retracement at 1.2415, followed by May 9 low at 1.2260.

GBP/USD hourly chart

GBP/USD

Overview
Today last price 1.2654
Today Daily Change 0.0058
Today Daily Change % 0.46
Today daily open 1.2596
 
Trends
Daily SMA20 1.2433
Daily SMA50 1.2787
Daily SMA100 1.3118
Daily SMA200 1.3338
 
Levels
Previous Daily High 1.2621
Previous Daily Low 1.2552
Previous Weekly High 1.2525
Previous Weekly Low 1.2217
Previous Monthly High 1.3167
Previous Monthly Low 1.2411
Daily Fibonacci 38.2% 1.2595
Daily Fibonacci 61.8% 1.2578
Daily Pivot Point S1 1.2558
Daily Pivot Point S2 1.2521
Daily Pivot Point S3 1.2489
Daily Pivot Point R1 1.2627
Daily Pivot Point R2 1.2659
Daily Pivot Point R3 1.2696

 

 

 

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