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.

Anil Panchal FXStreet

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

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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