• GBP/USD struggles to extend recovery moves from previous resistance line.
  • 100-DMA guards immediate upside, 50-DMA and 61.8% Fibonacci retracement follow the line.
  • Bullish MACD, sustained break of the key resistance line favor buyers.

GBP/USD seesaws around 1.3920-15 amid the initial Asian session on Wednesday. In doing so, the cable takes rounds to 50.0% Fibonacci retracement (Fibo.) of June–July downturn while keeping the previous day’s rebound from the resistance-turned-support line from June 01.

Given the bullish MACD and the pair’s ability to stay firmer past the earlier resistance line, GBP/USD may overcome the immediate hurdle, namely 100-DMA level of 1.3925 and 50-DMA close to 1.3935.

However, the pair’s further upside will be challenged by July’s top of 1.3983, 61.8% Fibo. near 1.3990 and mid-June top near 1.4010.

Meanwhile, the stated falling trend line, around 1.3865, restricts short-term GBP/USD downside ahead of June’s low near 1.3785.

If at all GBP/USD bears keep reins past 1.3785, 23.6% Fibo. surrounding 1.3730 and 1.3690 support level could challenge the fall towards the last month’s low of 1.3572.

GBP/USD: Daily chart

Trend: Pullback expected 

Additional important levels

Overview
Today last price 1.3916
Today Daily Change 0.0031
Today Daily Change % 0.22%
Today daily open 1.3885
 
Trends
Daily SMA20 1.3816
Daily SMA50 1.3942
Daily SMA100 1.3924
Daily SMA200 1.374
 
Levels
Previous Daily High 1.3933
Previous Daily Low 1.3876
Previous Weekly High 1.3984
Previous Weekly Low 1.3737
Previous Monthly High 1.3984
Previous Monthly Low 1.3572
Daily Fibonacci 38.2% 1.3897
Daily Fibonacci 61.8% 1.3911
Daily Pivot Point S1 1.3863
Daily Pivot Point S2 1.3841
Daily Pivot Point S3 1.3806
Daily Pivot Point R1 1.392
Daily Pivot Point R2 1.3955
Daily Pivot Point R3 1.3977

 

 

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