GBP/USD Price Analysis: Recovery moves aim for short-term horizontal resistance

GBP/USD extends pullback from the multi-year low.
The one-week-old horizontal resistance questions immediate upside ahead of 100-bar SMA.
A sustained break below 1.1650 could recall the bears.
Bullish MACD favors the buyers.

Anil Panchal FXStreet

While extending its recent recovery, GBP/USD marks 1.1870 as a quote, down 0.07%, amid the Asian session on Thursday. In doing so, the pair inches closer to the short-term horizontal resistance amid the bullish MACD conditions.

Also read: UK coronavirus confirmed cases jumps to 9,529 from 8,077

In addition to 1.1975-1.2000 horizontal area, 100-bar SMA near 1.2335 and 61.8% Fibonacci retracement level of the current month’s fall, around 1.2520, could also challenge the buyers during the further upside.

If at all the bulls manage to cross 1.2520, 1.2650 and 1.2810 could return to the charts.

On the downside, sellers will wait for a clear break below 1.1650 to recall 1.1610 and 1.1530 numbers to the south.

Following the pair’s sustained break below 1.1530, the latest low near 1.1410 could lure the bears.

GBP/USD four-hour chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price	1.1863
Today Daily Change	-17 pips
Today Daily Change %	-0.14%
Today daily open	1.188

Trends
Daily SMA20	1.2404
Daily SMA50	1.2766
Daily SMA100	1.2896
Daily SMA200	1.2673

Levels
Previous Daily High	1.1974
Previous Daily Low	1.1639
Previous Weekly High	1.24
Previous Weekly Low	1.1412
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.1846
Daily Fibonacci 61.8%	1.1767
Daily Pivot Point S1	1.1688
Daily Pivot Point S2	1.1496
Daily Pivot Point S3	1.1354
Daily Pivot Point R1	1.2022
Daily Pivot Point R2	1.2165
Daily Pivot Point R3	1.2357

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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