• GBP/USD prices remains lackluster after positing the biggest daily jump in a week.
  • A clear upside break of 100-DMA joins bullish MACD signals, three-week-old support line to keep buyers hopeful.
  • Horizontal area from August 20 precedes 61.8% Fibonacci retracement level to challenge bulls.

GBP/USD struggles to extend the previous day’s recovery moves near 1.3585 heading into Monday’s London open. In doing so, the cable pair seesaws below a horizontal resistance region established from August 20.

However, a clear upside break of the 100-DMA and a three-week-long uptrend, portrayed by the short-term support line, join the bullish MACD signals to favor buyers battling the 1.3600-3610 resistance zone.

It’s worth noting that the 61.8% Fibonacci retracement level of September-December downside, near 1.3625, adds to the upside filters before fueling the GBP/USD prices towards November’s peak near 1.3700.

Following that, the 200-DMA level surrounding 1.3740 will challenge the pair buyers afterward.

On the contrary, a convergence of the 100-DMA and aforementioned support line restricts short-term declines of the GBP/USD pair near 1.3555-3550.

Even if the cable pair drops below 1.3550, November 18 swing high and 38.2% Fibonacci retracement level, close to 1.3515 and 1.3450 in that order, will challenge the pair sellers.

GBP/USD: Daily chart

Trend: Further upside expected

Additional impotant levels

Overview
Today last price 1.3587
Today Daily Change -0.0008
Today Daily Change % -0.06%
Today daily open 1.3595
 
Trends
Daily SMA20 1.34
Daily SMA50 1.3399
Daily SMA100 1.3557
Daily SMA200 1.374
 
Levels
Previous Daily High 1.3597
Previous Daily Low 1.3528
Previous Weekly High 1.3599
Previous Weekly Low 1.3431
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.3571
Daily Fibonacci 61.8% 1.3554
Daily Pivot Point S1 1.3549
Daily Pivot Point S2 1.3504
Daily Pivot Point S3 1.348
Daily Pivot Point R1 1.3619
Daily Pivot Point R2 1.3643
Daily Pivot Point R3 1.3688

 

 

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.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD retreats toward 1.0550 as dollar rebounds

EUR/USD retreats toward 1.0550 as dollar rebounds

EUR/USD has lost its traction in the American session and retreated to the 1.0550 area. In the absence of high-tier macroeconomic data releases, the dollar is staging a rebound with the US Dollar Index rising above 103.00 and forcing the pair to edge lower.

EUR/USD News

GBP/USD consolidates its weekly gains below 1.2500

GBP/USD consolidates its weekly gains below 1.2500

GBP/USD has extended its sideways grind below 1.2500 into the second half of the day on Friday with the dollar staying resilient against its rivals. Nevertheless, the pair remains on track to snap a four-week losing streak.

GBP/USD News

Gold loses traction, drops below $1,840

Gold loses traction, drops below $1,840

Gold came under modest bearish pressure in the American session on Friday and dropped below $1,840. The benchmark 10-year US Treasury bond yield stays quiet above 2.8%, helping XAU/USD limit its losses ahead of the weekend.

Gold News

Bitcoin price will bounce to $36,000, but what happens next will leave you shocked

Bitcoin price will bounce to $36,000, but what happens next will leave you shocked

A brief technical and on-chain analysis on Bitcoin price. Here, analysts evaluate where BTC could be heading next. Does the possibility for a cat bounce make sense?

Read more

PANW shows bullish reversal chart pattern after earnings beat

PANW shows bullish reversal chart pattern after earnings beat

PANW stock benefits from continued strong revenue growth. Palo Alto Networks now nearly services half of the Global 2000. PANW stock is showing a bullish reversal pattern on its daily chart.

Read more

Forex MAJORS

Cryptocurrencies

Signatures