GBP/USD Price Analysis: Probes one-week-old resistance trendline

GBP/USD holds onto recovery gains.
200-HMA, 61.8% Fibonacci retracement add to the resistances.
The weekly support line restricts the immediate downside.

Anil Panchal FXStreet

Following its recovery gains from Tuesday, GBP/USD probes a short-term resistance while taking the bids near 1.2820, up 0.08%, during early Wednesday.

Unless registering a sustained break beyond 1.2820, the Cable prices are less likely to take aim at a 200-Hour Moving Average (HMA) level of 1.2887.

Also adding to the upside barriers is 61.8% Fibonacci retracement of February25-28 declines, at 1.2907 now.

Meanwhile, an ascending trend line from Monday, near 1.2790, acts as the immediate support to watch during the pair’s fresh declines.

In a case where bears dominate below 1.2790, February month low near 1.2725 will be in the spotlight.

GBP/USD hourly chart

Trend: Further recovery expected

additional important levels

Overview
Today last price	1.282
Today Daily Change	11 pips
Today Daily Change %	0.09%
Today daily open	1.2809

Trends
Daily SMA20	1.2931
Daily SMA50	1.3018
Daily SMA100	1.299
Daily SMA200	1.2702

Levels
Previous Daily High	1.2844
Previous Daily Low	1.2741
Previous Weekly High	1.3018
Previous Weekly Low	1.2726
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2805
Daily Fibonacci 61.8%	1.2781
Daily Pivot Point S1	1.2752
Daily Pivot Point S2	1.2696
Daily Pivot Point S3	1.265
Daily Pivot Point R1	1.2855
Daily Pivot Point R2	1.2901
Daily Pivot Point R3	1.2957

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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