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.

Anil Panchal FXStreet

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 price	1.353
Today Daily Change	0.0051
Today Daily Change %	0.38%
Today daily open	1.3479

Trends
Daily SMA20	1.3337
Daily SMA50	1.3414
Daily SMA100	1.3562
Daily SMA200	1.3745

Levels
Previous Daily High	1.3535
Previous Daily Low	1.3431
Previous Weekly High	1.355
Previous Weekly Low	1.3393
Previous Monthly High	1.355
Previous Monthly Low	1.3161
Daily Fibonacci 38.2%	1.3471
Daily Fibonacci 61.8%	1.3495
Daily Pivot Point S1	1.3428
Daily Pivot Point S2	1.3378
Daily Pivot Point S3	1.3324
Daily Pivot Point R1	1.3532
Daily Pivot Point R2	1.3586
Daily Pivot Point R3	1.3636

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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