GBP/USD Price Analysis: Pound reverses up from multi-week lows, bulls eyeing 1.3180 level

GBP/USD is rebounding from multi-week lows and challenges the 200 SMA on the four-hour chart.
The levels to beat for buyers is the 1.3082 level.

Flavio Tosti Independent Analyst

GBP/USD daily chart

After the October and December bull-market, the pound is trading in a rectangle consolidation above the 100/200-day simple moving averages (SMAs). The spot is nearing the 1.3100 figure and the 50 SMA.

GBP/USD four-hour chart

The pound is bouncing from multi-week lows as the spot is challenging the 200 SMA on the four-hour chart. As buyers are back in control the spot will likely attempt to break above the 1.3082 resistance to reach higher levels near the 1.3155/80 resistance zone. Support is seen near the 1.3020 and 1.2987 price levels, according to the Technical Confluences Indicator.

Resistance: 1.3082, 1.3155, 1.3180

Support: 1.3020, 1.2987, 1.2960

Additional key levels

GBP/USD

Overview
Today last price	1.3055
Today Daily Change	0.0096
Today Daily Change %	0.74
Today daily open	1.2959

Trends
Daily SMA20	1.3026
Daily SMA50	1.3075
Daily SMA100	1.2914
Daily SMA200	1.2692

Levels
Previous Daily High	1.2992
Previous Daily Low	1.2937
Previous Weekly High	1.3184
Previous Weekly Low	1.2882
Previous Monthly High	1.3281
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.2971
Daily Fibonacci 61.8%	1.2958
Daily Pivot Point S1	1.2933
Daily Pivot Point S2	1.2907
Daily Pivot Point S3	1.2878
Daily Pivot Point R1	1.2988
Daily Pivot Point R2	1.3018
Daily Pivot Point R3	1.3044

Author

Flavio Tosti

Independent Analyst

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