- GBP/USD prints three-day winning streak to probe September 18 top surrounding 1.3000.
- Resistance line of the bearish chart pattern, 200-bar SMA will be a tough nut to crack for the buyers.
- 100-bar SMA adds to the downside support below rising wedge’s lower line.
GBP/USD rises to the highest in more than two weeks while trading around 1.2985, the intraday top being 1.2992, during the early Tuesday morning in Asia. In doing so, the Cable attacks 38.2% Fibonacci retracement of the September month’s downside amid upbeat RSI conditions.
However, a bearish chart pattern, the rising wedge, on the four-hour chart (4H) challenges the GBP/USD buyers above the 1.3000 threshold.
Other than the upper line of the sellers’ favorite chart play, 200-bar SMA also adds strength to the 1.3015/20 resistance confluence.
If at all the pair manages to cross 1.3020, the September 10 high near 1.3035 and 61.8% Fibonacci retracement around 1.3175 will be the key to watch.
Alternatively, a downside break of the rising wedge support, at 1.2895 now, needs confirmation from a 100-bar SMA level of 1.2860 before challenging the previous month’s low of 1.2675.
GBP/USD four-hour chart
Trend: Pullback expected
Additional important levels
|Today last price||1.2989|
|Today Daily Change||46 pips|
|Today Daily Change %||0.36%|
|Today daily open||1.2943|
|Previous Daily High||1.2954|
|Previous Daily Low||1.2837|
|Previous Weekly High||1.2979|
|Previous Weekly Low||1.2747|
|Previous Monthly High||1.3482|
|Previous Monthly Low||1.2676|
|Daily Fibonacci 38.2%||1.291|
|Daily Fibonacci 61.8%||1.2882|
|Daily Pivot Point S1||1.2869|
|Daily Pivot Point S2||1.2795|
|Daily Pivot Point S3||1.2752|
|Daily Pivot Point R1||1.2986|
|Daily Pivot Point R2||1.3029|
|Daily Pivot Point R3||1.3103|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.