GBP/USD Price Analysis: Seesawed in an extensive trading range but stabilized around 1.3540s

The GBP/USD in the week is almost flat, down 0.07%.
Easing tensions in Eastern Europe improved the financial market mood.
GBP/USD Technical Outlook: Neutral-upward biased, but caution is warranted as the 200-DMA lies on top of the exchange rate.

Christian Borjon Valencia FXStreet

As the North American sesión ends, the British pound advances in the day amid an improved market mood, inferred by easing tensions in the Russia/Ukraine conflict in Eastern Europe. At the time of writing, the GBP/USD is trading at 1.3540.

Tuesday’s session witnessed a GBP/USD pair fluctuating in the tops/bottoms of the daily range. Late in the Asian session, the GBP/USD reached a daily high at 1.3566, followed by a drop in the early North American session, from 1.3547 towards 1.3488 on the back of a news headline of a Guardian Journalist that cited “Western officials” saying that there was no de-escalation and that “we see the opposite.”

Coinciding with the headline, the GBP/USD was meandering around the 100 and the 200-hour simple moving averages (SMAs), which were located above the spot price, as resistance levels. The GBP bull’s failure to overcome the latter sparked the downward move.

GBP/USD Price Forecast: Technical outlook

With that scenario in play, the GBP/USD is neutral-upward biased. The short time-frame daily moving averages (DMAs) reside below the spot price, while the 200-DMA lies near the 1.3700 figure.

The GBP/USD first resistance would be the 1.3600 figure. Breach of the latter would expose February 10 1.3643 daily high, followed by a ten-month-old fall slope trendline around 1.3655-70 area and then the 200-DMA at 1.3690.

GBP/USD

Overview
Today last price	1.3542
Today Daily Change	0.0018
Today Daily Change %	0.13
Today daily open	1.3524

Trends
Daily SMA20	1.3525
Daily SMA50	1.3468
Daily SMA100	1.3503
Daily SMA200	1.37

Levels
Previous Daily High	1.3572
Previous Daily Low	1.3495
Previous Weekly High	1.3644
Previous Weekly Low	1.3491
Previous Monthly High	1.3749
Previous Monthly Low	1.3358
Daily Fibonacci 38.2%	1.3524
Daily Fibonacci 61.8%	1.3543
Daily Pivot Point S1	1.3488
Daily Pivot Point S2	1.3453
Daily Pivot Point S3	1.3411
Daily Pivot Point R1	1.3565
Daily Pivot Point R2	1.3607
Daily Pivot Point R3	1.3643

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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