GBP/USD Price Analysis: On the front foot towards 1.3115/20 resistance confluence

GBP/USD registers a five-day winning streak.
A confluence of 50% Fibonacci retracement and the descending trend line from December 31, 2019, becomes the key.
50 and 100-day SMAs can offer immediate supports during the pullback.

Anil Panchal FXStreet

Despite slipping back from the intra-day high of 1.3105, GBP/USD stays positive while taking rounds to 1.3095 during the Asian session on Monday.

Not only its ability to cross a downward sloping trend line since December 12, 2019, but a sustained run-up beyond 50 and 100-day SMAs also portrays the underlying strength in momentum.

That said, GBP/USD prices are now rising towards a confluence of 50% Fibonacci retracement of its declines from December 2019 to February 2020 as well as a falling trend line from December 31, 2019, around 1.3115/20.

Should the bulls manage to keep the reins past-1.3120, January-end high close to 1.3210 as well as 61.8% Fibonacci retracement near 1.3215 will be important to watch.

On the contrary, 38.2% Fibonacci retracement near 1.3030 can act as the closest support in a case of the pair’s pullback.

Though 50-day and 100-day SMAs, respectively near 1.3010 and 1.2995, can question the pair’s further declines below 1.3030, if not then the broader support line around 1.2985 will be on the bears’ radars.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.309
Today Daily Change	0.0057
Today Daily Change %	0.44%
Today daily open	1.3033

Trends
Daily SMA20	1.2934
Daily SMA50	1.3015
Daily SMA100	1.2992
Daily SMA200	1.2707

Levels
Previous Daily High	1.3049
Previous Daily Low	1.2946
Previous Weekly High	1.3049
Previous Weekly Low	1.2741
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.301
Daily Fibonacci 61.8%	1.2986
Daily Pivot Point S1	1.297
Daily Pivot Point S2	1.2906
Daily Pivot Point S3	1.2866
Daily Pivot Point R1	1.3073
Daily Pivot Point R2	1.3113
Daily Pivot Point R3	1.3176

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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