• 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 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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs to fresh monthly highs above 1.0350

EUR/USD climbs to fresh monthly highs above 1.0350

Following a short-lasting downward correction, EUR/USD has regathered its bullish momentum and touched its highest level in a month above 1.0350. After the soft July inflation data, the dollar remains under constant selling pressure, fueling the pair's rally.

EUR/USD News

GBP/USD advances beyond 1.2250 as dollar selloff continues

GBP/USD advances beyond 1.2250 as dollar selloff continues

GBP/USD has advanced to a fresh weekly top above 1.2250 on Wednesday. Pressured by the weaker-than-expected July figures, the US Dollar Index is down more than 1% on the day below 105.00, providing a boost to the pair.

GBP/USD News

Gold tries to claim $1,800 amid falling US yields

Gold tries to claim $1,800 amid falling US yields

After having failed to reclaim $1,800 with the initial reaction to US inflation data, gold is, once again, attempting to break above that key level. The benchmark 10-year US Treasury bond yield is down nearly 2% on the day, helping XAU/USD push higher.

Gold News

Crypto markets tumble, but the worst is yet to come

Crypto markets tumble, but the worst is yet to come

Bitcoin price is trying to undo the gains it witnessed over the last week and is currently at the midway point. This sell-off has caused Ethereum and Ripple prices to follow suit, pausing the rallies that altcoins were experiencing.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures