GBP/USD Price Analysis: Mildly positive near key upside barriers

GBP/USD trades positive close to the monthly high.
61.8% Fibonacci retracement, 50/200-day SMAs limit further upside.
A three-week-old rising trend line restricts immediate declines.

Anil Panchal FXStreet

GBP/USD takes the bids to 1.2520 during the Asian session on Tuesday. That said, the Cable currently trades near the monthly top while also confronting 61.8% Fibonacci retracement of March month downside.

As a result, the pair’s further upside depends upon how well it manages to cross the key resistances.

Not only 61.8% Fibonacci retracement level of 1.2520, 50-day and 200-day SMAs, respectively near 1.2580 and 1.2660, also questions the pair’s additional run-up.

Alternatively, sellers will look for entry below the short-term rising support trend line, currently at 1.2485.

Should the pair drops below 1.2485 on a daily closing basis, the return of the present month low near 1.2165 can’t be ruled out.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2524
Today Daily Change	71 pips
Today Daily Change %	0.57%
Today daily open	1.2453

Trends
Daily SMA20	1.2132
Daily SMA50	1.2597
Daily SMA100	1.2835
Daily SMA200	1.2656

Levels
Previous Daily High	1.2487
Previous Daily Low	1.2445
Previous Weekly High	1.2487
Previous Weekly Low	1.2165
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2461
Daily Fibonacci 61.8%	1.2471
Daily Pivot Point S1	1.2436
Daily Pivot Point S2	1.242
Daily Pivot Point S3	1.2395
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2503
Daily Pivot Point R3	1.252

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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