GBP/USD Price Analysis: Hovers around 10-week high on the way to 1.3700


  • GBP/USD bulls take a breather around multi-day top after rising the most in a fortnight.
  • Clear break of the descending trend line from June joins bullish MACD signals to keep buyers hopeful.
  • Overbought RSI tests further advances but 100-DMA adds to the immediate challenges for sellers.

GBP/USD seesaws near November highs after crossing the key resistance line to refresh multi-day peak the previous day. That said, the cable pair makes rounds to 1.3630-35 during the initial Asian session on Wednesday.

Although nearly overbought RSI challenges the pair buyers, a clear upside break of the seven-month-old resistance line, now support around 1.3595, hints at the pair’s further advances.

Even if the pullback move recalls the 1.3595, the 100-DMA level of 1.3550 and November 18 swing high near 1.3515 will challenge the GBP/USD sellers.

Should the quote drops below 1.3515, the 23.6% Fibonacci retracement (Fibo.) of June-December downside, near 1.3415, should return to the chart.

Alternatively, GBP/USD buyers are up for challenging the 50% Fibo. level surrounding the 1.3700 threshold. Though, the 200-DMA near 1.3740 will test the quote’s additional run-up.

Also acting as the upside filter is the 61.8% Fibonacci retracement level of 1.3835.

GBP/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 1.3633
Today Daily Change 0.0054
Today Daily Change % 0.40%
Today daily open 1.3579
 
Trends
Daily SMA20 1.3418
Daily SMA50 1.3397
Daily SMA100 1.3555
Daily SMA200 1.3739
 
Levels
Previous Daily High 1.3604
Previous Daily Low 1.3532
Previous Weekly High 1.3599
Previous Weekly Low 1.3431
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.356
Daily Fibonacci 61.8% 1.3577
Daily Pivot Point S1 1.354
Daily Pivot Point S2 1.35
Daily Pivot Point S3 1.3468
Daily Pivot Point R1 1.3611
Daily Pivot Point R2 1.3643
Daily Pivot Point R3 1.3682

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD struggles to recover above 1.0900 as markets remain cautious

EUR/USD stays on the back foot and trades below 1.0900 following Thursday's sharp decline. Dovish comments from European Central Bank officials and the risk-averse market atmosphere make it difficult for the pair to stage a rebound on Friday.

EUR/USD News

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD falls toward 1.2900, looks to post weekly losses

GBP/USD continues to push lower toward 1.2900 in the American session on Friday. Disappointing Retail Sales data from the UK, combined with the US Dollar (USD) recovery amid souring mood, causes the pair to stay under bearish pressure ahead of the weekend.

GBP/USD News

Gold extends daily slide, trades near $2,400

Gold extends daily slide, trades near $2,400

Gold's correction from the record-high set earlier in the week deepens on Friday. With the US Dollar (USD) benefiting from safe-haven flows and the 10-year US yield holding steady above 4.2%, XAU/USD tests $2,400 and looks to post small weekly losses

Gold News

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry

Bitcoin and Ethereum hold steady above $64,000 and $3,400 as $1.8 billion in options expire on Friday. WazirX hack of $230 million potentially linked to Lazarus Group ushers correction in Shiba Inu, among other assets. 

Read more

Week ahead – Flash PMIs, US GDP and BoC decision on tap

Week ahead – Flash PMIs, US GDP and BoC decision on tap

US data awaited amid overly dovish Fed rate cut bets. July PMIs to reveal how economies entered H2. BoC decides on monetary policy, may cut rates again.

Read more

Forex MAJORS

Cryptocurrencies

Signatures