GBP/USD Price Analysis: Pokes weekly resistance line around 1.2100

GBP/USD keeps the previous day’s rebound, the consecutive third one from 50% Fibonacci retracement since late July.
Steady RSI, impending bull cross on MACD teases buyers to overcome immediate hurdle.
100-SMA adds to the upside filters, multiple supports to challenge bears.

Anil Panchal FXStreet

GBP/USD picks up bids to extend the previous day’s recovery to 1.2100 during Wednesday’s Asian session. In doing so, the Cable pair approaches a one-week-old resistance line while also portraying the third bounce off the 50% Fibonacci retracement level of July-August advances.

In addition to the sustained rebound from the key Fibonacci support, steady RSI and a looming bull cross of the MACD also keep the GBP/USD buyers hopeful of overcoming the 1.2110 immediate hurdle.

Even so, the 100-SMA level of 1.2130 acts as an extra filter to the north before giving control to the bulls.

Following that, the 1.2200 threshold may act as an intermediate halt during the run-up to the monthly high near 1.2295.

Alternatively, pullback moves may initially test the 200-SMA, around 1.2045 at the latest, before revisiting the 50% Fibonacci retracement level of 1.2030.

In a case where the GBP/USD bears keep reins past 1.2030 key support, the 61.8% Fibonacci retracement level and late July’s swing low, respectively around 1.1965 and 1.1890, will be in focus.

GBP/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2098
Today Daily Change	0.0044
Today Daily Change %	0.37%
Today daily open	1.2054

Trends
Daily SMA20	1.2104
Daily SMA50	1.2129
Daily SMA100	1.2415
Daily SMA200	1.2905

Levels
Previous Daily High	1.2148
Previous Daily Low	1.205
Previous Weekly High	1.2277
Previous Weekly Low	1.2048
Previous Monthly High	1.2246
Previous Monthly Low	1.176
Daily Fibonacci 38.2%	1.2088
Daily Fibonacci 61.8%	1.2111
Daily Pivot Point S1	1.202
Daily Pivot Point S2	1.1986
Daily Pivot Point S3	1.1922
Daily Pivot Point R1	1.2119
Daily Pivot Point R2	1.2183
Daily Pivot Point R3	1.2217

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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