GBP/USD Price Analysis: Overbought RSI triggers pullback from one-week high

GBP/USD refreshes intraday low while stepping back from 1.3223.
1.3185 can offer immediate support ahead of the key Fibonacci retracements.
A six-day-old falling trend line restricts immediate upside.

Anil Panchal FXStreet

GBP/USD declines to 1.3207, intraday low of 1.3206, during the early Thursday’s trading. In doing so, the Cable snaps two-day winning streak while reversing from the one-week top.

Considering the RSI conditions and the pair’s multiple failures to stays past-1.3200, the August 06 high of 1.3185 as immediate support ahead of Tuesday’s peak near 1.3170.

Though, the pair’s extended weakness past-1.3170 will be challenged by 50% and 61.8% Fibonacci retracement levels around 1.3120 and 1.3090 respectively.

In a case where the sellers dominate past-1.3090, an ascending trend line from August 04, at 1.3064 now, will be the key.

Alternatively, buyers will wait for a clear break of the short-term resistance line, currently around 1.3235, before taking entries to target the monthly top near 1.3270.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3211
Today Daily Change	1 pips
Today Daily Change %	0.01%
Today daily open	1.321

Trends
Daily SMA20	1.3106
Daily SMA50	1.2787
Daily SMA100	1.2607
Daily SMA200	1.2725

Levels
Previous Daily High	1.3219
Previous Daily Low	1.3117
Previous Weekly High	1.3267
Previous Weekly Low	1.3059
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.318
Daily Fibonacci 61.8%	1.3156
Daily Pivot Point S1	1.3145
Daily Pivot Point S2	1.308
Daily Pivot Point S3	1.3043
Daily Pivot Point R1	1.3247
Daily Pivot Point R2	1.3284
Daily Pivot Point R3	1.3349

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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