• GBP/USD looks to extend the recovery above 1.2800.
  • Immediate upside to be capped by 50-HMA at 1.2845.
  • The cable awaits debate on Internal Market Bill for fresh impetus.

On its road to recovery from near seven-week lows this Monday, GBP/USD cut through the horizontal 21-Simple Moving Average on the hourly chart (HMA) at 1.2804.

A firm break above the latter opened doors for additional upside, although the price is likely to face stiff resistance at the downward-sloping 50-HMA of $1.2845.

Acceptance above the 50-HMA barrier is important in order to extend the recovery from multi-week troughs of 1.2763.

The hourly Relative Strength Index (RSI) turns flat despite holding above the midline, suggesting that the bulls could struggle to take on the upside.

Also, it's worth noting that the cable traders could turn cautious ahead of the critical parliamentary debate on the UK’s Internal Market Bill scheduled later today.

Further north, Friday’s high of 1.2866 could challenge the bulls’ commitment en route the test of the bearish 100-HMA at 1.2922.

To the downside, the 21-HMA resistance now support could limit the pullbacks. A break below which could prompt a sell-off towards the seven-week lows.

GBP/USD: Hourly chart

fxsoriginal

GBP/USD: Additional levels

GBP/USD

Overview
Today last price 1.2830
Today Daily Change 0.0030
Today Daily Change % 0.23
Today daily open 1.2796
 
Trends
Daily SMA20 1.3157
Daily SMA50 1.2965
Daily SMA100 1.2694
Daily SMA200 1.2737
 
Levels
Previous Daily High 1.2866
Previous Daily Low 1.2763
Previous Weekly High 1.3279
Previous Weekly Low 1.2763
Previous Monthly High 1.3396
Previous Monthly Low 1.2982
Daily Fibonacci 38.2% 1.2802
Daily Fibonacci 61.8% 1.2826
Daily Pivot Point S1 1.275
Daily Pivot Point S2 1.2705
Daily Pivot Point S3 1.2647
Daily Pivot Point R1 1.2853
Daily Pivot Point R2 1.2911
Daily Pivot Point R3 1.2957

 

 

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