GBP/USD Price Analysis: Prepped to extend Tuesday's bounce

GBP/USD's 15-min chart is reporting a flag breakout.
The hourly chart descending trendline has been breached.
The pair may rise to 1.3050, extending Tuesday's bounce from support near 1.2950.

Omkar Godbole FXStreet Contributor

GBP/USD looks set to extend Tuesday's bounce from the head-and-shoulders neckline support of 1.2954 as intraday charts are reporting bullish patterns.

To start with, the flag breakout seen on the 15-minute chart indicates the minor pullback from the overnight high of 1.3033 has ended and the rally from 1.2975 has resumed. The breakout has opened the doors for 1.3080 (target as per the measured move method).

Further, the hourly chart is reporting a double bottom breakout and an upside break of the descending trendline.

At press time, the pair is trading near 1.3025. A rise to 1.3050 or higher, if any, could be short-lived, as the 14-day RSI is holding below 50 and the descending (bearish) 5-day average is located at 1.3031.

15-minute chart

Hourly chart

Trend: Intraday bullish

Technical levels

GBP/USD

Overview
Today last price	1.3023
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.3021

Trends
Daily SMA20	1.3068
Daily SMA50	1.3022
Daily SMA100	1.277
Daily SMA200	1.2691

Levels
Previous Daily High	1.3034
Previous Daily Low	1.2954
Previous Weekly High	1.3213
Previous Weekly Low	1.3013
Previous Monthly High	1.3515
Previous Monthly Low	1.2896
Daily Fibonacci 38.2%	1.3003
Daily Fibonacci 61.8%	1.2985
Daily Pivot Point S1	1.2972
Daily Pivot Point S2	1.2923
Daily Pivot Point S3	1.2892
Daily Pivot Point R1	1.3052
Daily Pivot Point R2	1.3083
Daily Pivot Point R3	1.3132

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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