GBP/USD Price Analysis: Extends bounce off 200-HMA to pierce immediate hurdle above 1.2200

GBP/USD stretches recovery from 200-HMA, grinds near intraday high of late.
100-HMA, previous support line from early March challenge bulls.
Upbeat oscillators, failure to break the key moving average keep buyers hopeful.

Anil Panchal FXStreet

GBP/USD prints mild gains around mid-1.2200s as it defends the previous day’s rebound from the key moving average during early Monday’s sluggish trading.

In doing so, the Cable pair crosses a two-day-old descending resistance line, now immediate support around 1.2240.

It’s worth noting that the bullish MACD signals and gradually recovering RSI (14), not overbought also underpin the latest rebound in the Cable pair, which in turn suggests the quote’s further advances.

However, the 100-Hour Moving Average (HMA) restricts the immediate upside of the GBP/USD price to around the 1.2260 level.

Following that, the previous support line from March 08, close to 1.2320 at the latest, may act as the last defense of the GBP/USD pair sellers, a break of which opens the gate for the pair’s run-up towards the multiple tops marked during December 2022 and January 2023 near 1.2445-50.

On the contrary, pullback moves need to remain below the 1.2240 resistance-turned-support to lure intraday sellers.

Even so, the 200-HMA level of 1.2200 and the latest swing low of around 1.2190 can challenge the GBP/USD bears before giving them control.

Overall, GBP/USD is likely to grind higher but the upside momentum need validation from 1.2320.

GBP/USD: Hourly chart

Trend: Further upside expcted

Additional important levels

Overview
Today last price	1.2244
Today Daily Change	0.0011
Today Daily Change %	0.09%
Today daily open	1.2233

Trends
Daily SMA20	1.2085
Daily SMA50	1.2148
Daily SMA100	1.2093
Daily SMA200	1.1893

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2191
Previous Weekly High	1.2344
Previous Weekly Low	1.2167
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.223
Daily Fibonacci 61.8%	1.2253
Daily Pivot Point S1	1.2185
Daily Pivot Point S2	1.2137
Daily Pivot Point S3	1.2083
Daily Pivot Point R1	1.2287
Daily Pivot Point R2	1.234
Daily Pivot Point R3	1.2388

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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