GBP/USD Price Analysis: Recovery remains capped below 100-day EMA


  • GBP/USD consolidates recent gains in a choppy range below the key EMA.
  • Upbeat momentum, sustained trading above crucial supports keep buyers hopeful.

GBP/USD seesaws 1.3865 and 1.3850 amid a quiet Asian session on Thursday. The cable pair snapped a two-day downtrend the previous day but couldn’t cross the 100-day EMA hurdle.

Even so, the upward sloping Momentum line joins the quote’s successful trading above the three-month-old support line and 200-day EMA favor buyers.

Hence, a clear break of 100-day EMA, around 1.3890 by the press time, will act as a trigger for the pair’s run-up to challenge the monthly top near 1.3910, also targeting the 1.4000–4010 important resistance comprising multiple highs marked since March.

During the GBP/USD upside beyond 1.4010, early June’s lows near 1.4075 may test the pair buyers.

On the flip side, the 1.3800 threshold offers immediate support during the quote’s pullback, a break of which could drag the pair to an ascending trend line from April 09, around 1.3740.

It should, however, be noted that the GBP/USD weakness past 1.3740 will need validation from the 200-day EMA level of 1.3690 to aim for February’s low near 1.3565.

To sum up, GBP/USD bulls prepare for further upside but wait for the UK’s Claimant Count Change and Unemployment Rate figures for June.

GBP/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.3856
Today Daily Change 0.0044
Today Daily Change % 0.32%
Today daily open 1.3812
 
Trends
Daily SMA20 1.3867
Daily SMA50 1.4018
Daily SMA100 1.3941
Daily SMA200 1.3683
 
Levels
Previous Daily High 1.3905
Previous Daily Low 1.38
Previous Weekly High 1.3908
Previous Weekly Low 1.3742
Previous Monthly High 1.4249
Previous Monthly Low 1.3787
Daily Fibonacci 38.2% 1.384
Daily Fibonacci 61.8% 1.3865
Daily Pivot Point S1 1.3773
Daily Pivot Point S2 1.3734
Daily Pivot Point S3 1.3668
Daily Pivot Point R1 1.3878
Daily Pivot Point R2 1.3944
Daily Pivot Point R3 1.3983

 

 

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