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.

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

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.

AUD/USD News

USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.

USD/JPY News

Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI snaps three-day winning streak

WTI oil fell by over 8% on Monday, ending a three-day winning streak, which saw prices rise from $19.94 to $29.11. The black gold fell as Saudi Arabia and Russia's decision to delay an emergency meeting to discuss output cuts shifted focus back to oversupply concerns.

Oil News

Johnson Hospitalised, Oil Awaits Treatment

Sterling slipped after UK Prime Minister Boris Johnson was moved to the intensive care unit for coronavirus treatment, but the broad risk trade remained strong on optimism with slowing growth in the number of Corona virus cases. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures