GBP/USD Price Analysis: MACD teases bulls above 10-day SMA

GBP/USD pulls back from an eight-day high.
38.2% Fibonacci retracement, 21-day SMA limit immediate upside.
Sellers will refrain from entry unless breaking 10-day SMA on a daily closing basis.

Anil Panchal FXStreet

GBP/USD steps back from an eight-day high to 1.2177 during Friday’s Asian session. In doing so, the pair also respects 38.2% Fibonacci retracement of its fall from December 12, 2019, as the immediate resistance. However, sustained trading beyond 10-day SMA and likely MACD turn towards the bullish horizon keep the buyers hopeful.

As a result, a sustained break of 1.2215 immediate resistance could escalate the recovery moves towards a 21-day SMA level of 1.2360.

However, 50% Fibonacci retracement, near 1.2465, followed a 200-day SMA level of 1.2670 and 61.8% of Fibonacci retracement around 1.2710, could challenge the bulls afterward.

On the downside, sellers will refrain from entry unless the GBP/USD prices drop below the 10-day SMA level of 1.1860 on the daily closing basis. Though, 1.20000 can offer nearby rest during the pair’s further declines.

In a case where the quote remains below 1.1860, 1.1630 and 1.1410 regain the bears’ attention.

GBP/USD daily chart

Trend: Bullish

Addiitional important levels

Overview
Today last price	1.2172
Today Daily Change	-34 pips
Today Daily Change %	-0.28%
Today daily open	1.2206

Trends
Daily SMA20	1.237
Daily SMA50	1.2749
Daily SMA100	1.289
Daily SMA200	1.2671

Levels
Previous Daily High	1.223
Previous Daily Low	1.1778
Previous Weekly High	1.24
Previous Weekly Low	1.1412
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2057
Daily Fibonacci 61.8%	1.195
Daily Pivot Point S1	1.1912
Daily Pivot Point S2	1.1619
Daily Pivot Point S3	1.146
Daily Pivot Point R1	1.2365
Daily Pivot Point R2	1.2523
Daily Pivot Point R3	1.2817

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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