GBP/USD Price Analysis: Extends recovery from 50-bar EMA to pierce 1.3350

GBP/USD fails to stretch Wednesday’s losses while keeping bounces off 1.3283.
A one-week-old support line regains its important, suggests further upside.
August 19 tops, key Fibonacci retracements add to the support.

Anil Panchal FXStreet

GBP/USD remains on the front-foot around 1.3353 amid the initial Asian session on Thursday. The cable snapped a three-day winning streak the previous day but break 50-bar EMA support. The following pullback puts the quote back above an ascending trend line from August 25, which in turn favors the further upside as RSI conditions are also normal.

As a result, 1.3400 becomes the immediate level to watch during the pair’s further upside ahead of the yearly high near 1.3485.

However, the bulls will have to cross the previous year’s peak surrounding 1.3515 to justify their additional strength towards targeting a move beyond 1.3600 round-figures.

Alternatively, multiple highs marked on August 19 around 1.3265 act as additional support below the immediate trend line and 50-bar EMA, respectively near 1.3340 and 1.3280.

Furthermore, 50% and 60% Fibonacci retracement level of the pair’s run-up from August 04, close to 1.3230 and 1.3170 in that order, offer extra filters to the downside.

GBP/USD four hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.3352
Today Daily Change	-32 pips
Today Daily Change %	-0.24%
Today daily open	1.3384

Trends
Daily SMA20	1.3155
Daily SMA50	1.2858
Daily SMA100	1.264
Daily SMA200	1.2734

Levels
Previous Daily High	1.3482
Previous Daily Low	1.3356
Previous Weekly High	1.3357
Previous Weekly Low	1.3054
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.3434
Daily Fibonacci 61.8%	1.3404
Daily Pivot Point S1	1.3333
Daily Pivot Point S2	1.3282
Daily Pivot Point S3	1.3207
Daily Pivot Point R1	1.3459
Daily Pivot Point R2	1.3534
Daily Pivot Point R3	1.3585

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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