GBP/USD Price Analysis: Holds one-month ascending trendline

GBP/USD holds trendline rising from Sept. 23 lows.
Indicators, howver, are yet to adopt a bull bias.

Omkar Godbole FXStreet Contributor

GBP/USD is currently trading at 1.2994, having hit a low of 1.2916 Wednesday.

The daily chart shows the bulls managed to defend the ascending trendline connecting Sept. 23 and Oct. 16 lows on Wednesday despite the coronavirus-induced risk aversion and increased haven demand for the dollar.

However, it is still early to call a bullish revival. That's because both the 14-day relative strength index is biased neutral at 50, while the MACD histogram is looking to crossover into a bearish territory below zero.

Besides, the pair is yet to clear Wednesday's high of 1.3064. A close above would validate the bullish trendline's defense and confirm a reversal higher, exposing the Oct. 21 high of 1.3177.

Alternatively, acceptance below Wednesday's low of 1.2916 would shift the focus to the 200-day simple moving average at 1.2706.

Daily chart

Trend: Neutral

Technical levels

GBP/USD

Overview
Today last price	1.2996
Today Daily Change	0.0013
Today Daily Change %	0.10
Today daily open	1.2983

Trends
Daily SMA20	1.2982
Daily SMA50	1.3006
Daily SMA100	1.2868
Daily SMA200	1.2709

Levels
Previous Daily High	1.3064
Previous Daily Low	1.2917
Previous Weekly High	1.3177
Previous Weekly Low	1.2895
Previous Monthly High	1.3482
Previous Monthly Low	1.2676
Daily Fibonacci 38.2%	1.2973
Daily Fibonacci 61.8%	1.3008
Daily Pivot Point S1	1.2912
Daily Pivot Point S2	1.2841
Daily Pivot Point S3	1.2765
Daily Pivot Point R1	1.3059
Daily Pivot Point R2	1.3135
Daily Pivot Point R3	1.3206

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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