GBP/USD Price Analysis: Path of least resistance appears to the upside

GBP/USD looks to extend gains above 1.3200.
Upside bias intact while above 21-HMA.
Hourly RSI stays bullish ahead of Fed Chair Powell’s speech.

Dhwani Mehta FXStreet

GBP/USD extends the Asian consolidative mode into the European session on Thursday, having witnessed a sharp rise to 1.3220 levels in the US last session.

The spot ranges in the upper band of the rising channel formation carved out this week, as the bulls hold above the bullish 21-hourly Simple Moving Average (HMA), now placed at 1.3198.

A test of the rising trendline resistance at 1.3238 is likely on the cards, backed by the bullish hourly Relative Strength Index (RSI), which now points northwards at 62.20.

The path of least resistance appears to the upside amid a bunch of healthy support levels stacked up. The immediate cushion is aligned at the upward-sloping 50-HMA of 1.3161 should the 21-HMA give way.

The next critical support is seen at 1.3147, the convergence of the horizontal 200-HMA and rising trendline support. A break below which the 100-HMA at 1.3135 could be tested.

GBP/USD: Hourly chart

GBP/USD: Additional levels

GBP/USD

Overview
Today last price	1.3211
Today Daily Change	0.0002
Today Daily Change %	0.02
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

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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