GBP/USD Price Analysis: Off short-term key resistance, seesaws around 1.2450

GBP/USD steps back from two-week-old horizontal resistance.
Good Friday holidays limit immediate moves.
A two-day-old support line, 200-HMA could question sellers.
Buyers may target 50-day and 200-day SMAs during the successful upside.

Anil Panchal FXStreet

While stepping back from a fortnight-old resistance, GBP/USD trades near 1.2450, currently around 1.2460, amid the early part of generally less liquid Good Friday.

Considering the pair’s latest pullback moves, odds of its drop to the immediate support line, around 1.2425 are much brighter.

Though, 1.2400 round-figure and 200-bar SMA near 1.2355 will limit the pair’s further declines.

Alternatively, an upside clearance of March 27 high surrounding 1.2485 could propel buyers to target 50-day and 200-day SMAs on the daily chart, respectively at 1.2560 and 1.2660.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.246
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.246

Trends
Daily SMA20	1.2123
Daily SMA50	1.2612
Daily SMA100	1.2839
Daily SMA200	1.2657

Levels
Previous Daily High	1.2483
Previous Daily Low	1.2361
Previous Weekly High	1.2476
Previous Weekly Low	1.2205
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2436
Daily Fibonacci 61.8%	1.2407
Daily Pivot Point S1	1.2386
Daily Pivot Point S2	1.2313
Daily Pivot Point S3	1.2264
Daily Pivot Point R1	1.2509
Daily Pivot Point R2	1.2557
Daily Pivot Point R3	1.2631

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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