GBP/USD Price Analysis: Recovers from short-term falling wedge support above 1.2200

GBP/USD extends pullback from the five-week low.
Buyers will look for a confirmation of the bullish pattern for fresh entries.
Sellers can aim for the key Fibonacci retracement supports during a fresh downside.

Anil Panchal FXStreet

GBP/USD escalates the previous day’s recovery moves to 1.2238, up 0.08% on a day, as Tokyo opens for trading on Friday. The pair bounced off the support line of the short-term falling wedge technical formation on Thursday.

While the Cable’s recent recoveries direct it towards the bullish pattern’s resistance line near 1.2330, further upside depends upon how well the buyers manage to dominate beyond that level.

During the successful break of 1.2330, 1.2465 and 1.2500 can entertain the optimists ahead of pushing them to the April monthly high near 1.2645.

Alternatively, a downside break of the said support line, at 1.2150 now, can fetch the quote towards 50% and 61.8% Fibonacci retracement levels of the pair’s March-April run-up, respectively near 1.2045 and 1.1900.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2234
Today Daily Change	7 pips
Today Daily Change %	0.06%
Today daily open	1.2227

Trends
Daily SMA20	1.2388
Daily SMA50	1.2344
Daily SMA100	1.268
Daily SMA200	1.2662

Levels
Previous Daily High	1.2242
Previous Daily Low	1.2166
Previous Weekly High	1.2504
Previous Weekly Low	1.2266
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2195
Daily Fibonacci 61.8%	1.2213
Daily Pivot Point S1	1.2181
Daily Pivot Point S2	1.2135
Daily Pivot Point S3	1.2105
Daily Pivot Point R1	1.2257
Daily Pivot Point R2	1.2288
Daily Pivot Point R3	1.2334

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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