GBP/USD Price Analysis: Recovery meets fresh supply at 21-HMA ahead of BOE

GBP/USD bounces-off strong trendline support ahead of BOE.
Bulls need to recapture the 21-HMA barrier to extend the recovery.
Hourly RSI turned south but remains in the bullish region.

Dhwani Mehta FXStreet

GBP/USD staged a solid comeback on the 1.2900 level so far this Thursday, although the bulls now appear to lack follow-through ahead of the Bank of England (BOE) monetary policy decision.

The cable found solid bids at the five-day-long rising trendline support, now at 1.2908. However, the rebound faltered at the horizontal 21-Simple Moving Average on the hourly chart (HMA) at 1.2960.

The hourly Relative Strength Index (RSI) holds in the bullish territory but points south, suggesting that the bounce could have run its course.

The immediate support is now seen at the upward-sloping 50-HMA at 1.2921 while it battles the 200-HMA 1.2952, at the moment. To the top side, a firm break above 21-HMA could expose the 1.3000 level.

GBP/USD: Hourly chart

GBP/USD: Additional levels

GBP/USD

Overview
Today last price	1.2951
Today Daily Change	-0.0021
Today Daily Change %	-0.16
Today daily open	1.2968

Trends
Daily SMA20	1.312
Daily SMA50	1.2986
Daily SMA100	1.2708
Daily SMA200	1.2733

Levels
Previous Daily High	1.3007
Previous Daily Low	1.2875
Previous Weekly High	1.3279
Previous Weekly Low	1.2763
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2957
Daily Fibonacci 61.8%	1.2926
Daily Pivot Point S1	1.2893
Daily Pivot Point S2	1.2818
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.3025
Daily Pivot Point R2	1.3082
Daily Pivot Point R3	1.3156

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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