GBP/USD Price Analysis: Rebounds swiftly from weekly lows, retakes 1.2500 mark

GBP/USD continues to find decent support near the 1.2400 round-figure mark.
Bulls are likely to wait for a move beyond 100-day SMA, around 1.2525 area.

Haresh Menghani FXStreet

The GBP/USD pair quickly recovered around 100 pips from weekly lows and now seemed headed back towards the top end of its daily trading range.

The pair once again attracted some dip-buying near the 1.2400 round-figure mark, which should now act as a key pivotal point for short-term traders.

Any subsequent move up might confront stiff resistance near the 1.2525 region (100-hour SMA), which if cleared might be seen as a fresh trigger for bulls.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining some positive traction on hourly charts.

The set-up supports prospects for an eventual break through the mentioned barrier and a possible move towards the 1.2575 intermediate hurdle en-route the 1.2600 mark.

Some follow-through buying has the potential to lift the pair back towards the weekly swing high, around mid-1.2600s, representing the very important 200-day SMA.

On the flip side, bears are likely to wait for a sustained break below the 1.2400 mark, below which the pair is likely to accelerate the slide further towards the 1.2340 support area.

The downward trajectory could further get extended even below the 1.2300 mark, towards testing the next major support near the 1.2230-25 horizontal zone.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2492
Today Daily Change	0.0036
Today Daily Change %	0.29
Today daily open	1.2456

Trends
Daily SMA20	1.2266
Daily SMA50	1.256
Daily SMA100	1.282
Daily SMA200	1.2657

Levels
Previous Daily High	1.2529
Previous Daily Low	1.2408
Previous Weekly High	1.2487
Previous Weekly Low	1.2165
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2455
Daily Fibonacci 61.8%	1.2483
Daily Pivot Point S1	1.24
Daily Pivot Point S2	1.2344
Daily Pivot Point S3	1.2279
Daily Pivot Point R1	1.2521
Daily Pivot Point R2	1.2586
Daily Pivot Point R3	1.2642

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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