GBP/USD Price Analysis: Refreshes session tops, around the 1.2915 resistance zone


  • GBP/USD bounces off ascending trend-line, 100-hour SMA confluence support.
  • Mixed oscillators on hourly/daily charts warrant some caution for bullish traders.
  • Sustained move beyond the 1.2915-20 hurdle needed to confirm any further gains.

The GBP/USD pair rallied around 35-40 pips during the early European session and refreshed daily tops, around the 1.2915 region in the last hour, albeit lacked follow-through.

The recent recovery from multi-week lows has been along a three-day-old ascending trend-line. The mentioned support coincides with 100-hour SMA and should act as a key pivotal point for short-term traders. Meanwhile, the upside momentum remains capped near the 1.2915-20 horizontal resistance. A convincing breakthrough will be seen as a fresh trigger for bullish traders and pave the way for further near-term gains.

Bullish technical indicators on hourly charts support prospects for additional gains. However, oscillators on the daily chart maintained their bearish bias and warrant some caution for aggressive bullish traders. This makes it prudent to wait for some follow-through buying, above the 1.2915-20 resistance, before positioning for a move back towards reclaiming the key 1.3000 psychological mark en-route the 1.3025-30 resistance zone.

On the flip side, the 1.2875-65 confluence region (ascending trend-line and 100-hour SMA) might continue to protect the immediate downside. Failure to defend the said support might be seen as a fresh trigger for bears. The pair might then turn vulnerable to accelerate the slide towards the 1.2800 round-figure mark. The downward trajectory could further drag the pair back to the recent swing lows support, around the 1.2765-60 area.

GBP/USD 1-hourly chart

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Technical levels to watch

GBP/USD

Overview
Today last price 1.2906
Today Daily Change 0.0017
Today Daily Change % 0.13
Today daily open 1.2889
 
Trends
Daily SMA20 1.3126
Daily SMA50 1.2979
Daily SMA100 1.2703
Daily SMA200 1.2734
 
Levels
Previous Daily High 1.2926
Previous Daily Low 1.2815
Previous Weekly High 1.3279
Previous Weekly Low 1.2763
Previous Monthly High 1.3396
Previous Monthly Low 1.2982
Daily Fibonacci 38.2% 1.2884
Daily Fibonacci 61.8% 1.2858
Daily Pivot Point S1 1.2827
Daily Pivot Point S2 1.2765
Daily Pivot Point S3 1.2716
Daily Pivot Point R1 1.2939
Daily Pivot Point R2 1.2988
Daily Pivot Point R3 1.305

 

 

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