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GBP/USD Price Analysis: Pullback remains elusive beyond 1.3465

  • GBP/USD seesaws near two-month high, inside bearish chart pattern.
  • 50-SMA adds strength to the rising wedge’s support around 1.3465.
  • Wedge’s resistance, seven-week-old horizontal line guard short-term upside.
  • RSI, MACD join sustained trading beyond the key SMA to favor bulls.

GBP/USD keeps the previous day’s pullback from a two-month high of around 1.3530 during the inactive initial Asian session on Wednesday.

The cable pair refreshed the multi-day top the previous day while justifying MACD rebound and firmer RSI line. However, a 12-day-old rising wedge challenges the buyers.

Even so, the sellers may wait for a confirmation of the bearish chart pattern before taking a fresh entry. The 50-SMA level around 1.3465 increases hardships for the bear’s arrival.

In a case where the quote drops below 1.3465, the 200-SMA level near 1.3330 will offer an intermediate halt during the expected south-run targeting December 2021 low of 1.3160.

On the flip side, GBP/USD buyers can aim for the wedge’s resistance line and multi-day-old horizontal hurdle surrounding 1.3610 during further advances.

Following that, November’s high of 1.3697 and October's peak surrounding 1.3835 will be in focus.

GBP/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price1.353
Today Daily Change0.0051
Today Daily Change %0.38%
Today daily open1.3479
 
Trends
Daily SMA201.3337
Daily SMA501.3414
Daily SMA1001.3562
Daily SMA2001.3745
 
Levels
Previous Daily High1.3535
Previous Daily Low1.3431
Previous Weekly High1.355
Previous Weekly Low1.3393
Previous Monthly High1.355
Previous Monthly Low1.3161
Daily Fibonacci 38.2%1.3471
Daily Fibonacci 61.8%1.3495
Daily Pivot Point S11.3428
Daily Pivot Point S21.3378
Daily Pivot Point S31.3324
Daily Pivot Point R11.3532
Daily Pivot Point R21.3586
Daily Pivot Point R31.3636

Author

Anil Panchal

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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