GBP/USD Price Analysis: Needs to conquer 1.2300 to deliver more gains ahead

The Cable is facing barricades while attempting to break above 1.2300.
Advancing 20-and 50-EMAs signifies more upside ahead.
A range shift by the RSI (14) into the 60.00-80.00 area will strengthen Pound Sterling.

Sagar Dua FXStreet

The GBP/USD pair has witnessed marginal selling pressure after failing to cross the 1.2300 hurdle in the early Tokyo session. The Cable recovered sharply on Friday after a sheer correction to near 1.2150 on the release of robust United States Employment data.

Meanwhile, the risk impulse is extremely bullish as the Federal Reserve (Fed) is still looking to trim the interest rate hike pace. The US Dollar Index (DXY) is declining toward Friday’s low of around 104.40.

On an hourly scale, Cable witnessed a significant buying interest after dropping to near November 24 high of around 1.2150 on Friday. The recovery was full of strength and it pushed Cable near the critical resistance of 1.2300.

Advancing 20-and 50-period Exponential Moving Averages (EMAs) at 1.2260 and 1.2210 add to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has recovered after dropping to near 40.00. A break inside the bullish range of 60.00-80.00 would trigger a bullish momentum.

For further upside, a decisive break above Friday’s high at 1.2311 will drive Cable toward June 16 high at 1.2406, followed by the round-level resistance at 1.2500.

Alternatively, a decisive drop below Wednesday’s low at 1.1900 will drag the Cable toward November 22 low at 1.1825. A slippage below the latter will drag the pair to near November 21 low at 1.1779.

GBP/USD hourly chart

GBP/USD

Overview
Today last price	1.2282
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.2283

Trends
Daily SMA20	1.1885
Daily SMA50	1.1503
Daily SMA100	1.1656
Daily SMA200	1.2149

Levels
Previous Daily High	1.23
Previous Daily Low	1.2134
Previous Weekly High	1.2311
Previous Weekly Low	1.19
Previous Monthly High	1.2154
Previous Monthly Low	1.1147
Daily Fibonacci 38.2%	1.2237
Daily Fibonacci 61.8%	1.2198
Daily Pivot Point S1	1.2178
Daily Pivot Point S2	1.2073
Daily Pivot Point S3	1.2012
Daily Pivot Point R1	1.2344
Daily Pivot Point R2	1.2405
Daily Pivot Point R3	1.251

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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