GBP/USD Price Analysis: Mildly bid above 1.2200 inside short-term triangle, UK Retail Sales eyed


  • GBP/USD snaps two-day losing streak while recovering from 1.2185.
  • 61.8% Fibonacci retracement can offer intermediate resistance.
  • Downside break of the triangle will recall sub-1.2100 area on the charts.
  • UK Retail Sales for April become the key fundamental catalyst.

GBP/USD extends recovery moves from 1.2185 while taking the bids near 1.2230, up 0.10% on a day, amid the early Friday trading.

Looking at the Cable’s moves from late-Monday, a short-term falling triangle seems to appear on the hourly (H1) chart. That said, the quote presently confronts an intermediate resistance line, around 1.2235, following the bounce from the formation’s support.

Also Read: UK Retail Sales Preview: Will a third fall finally fell the pound? Yearly figure may steal the show

Should the pullback cross 1.2235, 61.8% Fibonacci retracement level of May 12-17 fall near 1.2265 can offer extra resistance before fueling the pair towards the pattern’s upper line, at 1.2275 now.

It should also be noted that the pair’s rise past-1.2275 enables it to cross 1.2300 round-figure and aim for May 13 high near 1.2340 before rising further.

On the downside, the pair’s declines below 1.2185 support can wait for the validation from the 1.2170 rest-point, which if broken can drag the quote to the monthly low surrounding 1.2075.

GBP/USD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.223
Today Daily Change 7 pips
Today Daily Change % 0.06%
Today daily open 1.2223
 
Trends
Daily SMA20 1.2344
Daily SMA50 1.2276
Daily SMA100 1.2632
Daily SMA200 1.2666
 
Levels
Previous Daily High 1.225
Previous Daily Low 1.2186
Previous Weekly High 1.2438
Previous Weekly Low 1.2102
Previous Monthly High 1.2648
Previous Monthly Low 1.2165
Daily Fibonacci 38.2% 1.221
Daily Fibonacci 61.8% 1.2225
Daily Pivot Point S1 1.2189
Daily Pivot Point S2 1.2156
Daily Pivot Point S3 1.2125
Daily Pivot Point R1 1.2253
Daily Pivot Point R2 1.2283
Daily Pivot Point R3 1.2317

 

 

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