- GBP/USD gradually recovers to a short-term key resistance line.
- Sustained trading beyond 200-bar SMA, bullish MACD keeps buyers hopeful.
- 61.8% Fibonacci retracement adds to the upside filters.
While extending its early-week recovery, though modestly, GBP/USD makes rounds to 1.2430 during the early Tuesday’s Asian session. In doing so, the Cable pair nears a downward sloping trend line since March 09 amid bullish MACD signals.
Additionally, the pair’s sustained trading beyond 200-bar SMA and a week-old rising trend line also keep the buyers hopeful.
Should the quote manage to successfully cross the 1.2520 Fibonacci retracement level, it can question the monthly high surrounding 1.2650 during the further upside.
Alternatively, the immediate rising support line, near 1.2330, and 200-bar SMA close to 1.2310/05, seem to restrict the pair’s nearby downside ahead of the monthly bottom surrounding 1.2165.
GBP/USD four-hour chart
Trend: Further recovery expected
Additional important levels
|Today last price||1.2427|
|Today Daily Change||55 pips|
|Today Daily Change %||0.44%|
|Today daily open||1.2372|
|Previous Daily High||1.2377|
|Previous Daily Low||1.2298|
|Previous Weekly High||1.2503|
|Previous Weekly Low||1.2247|
|Previous Monthly High||1.3201|
|Previous Monthly Low||1.1412|
|Daily Fibonacci 38.2%||1.2347|
|Daily Fibonacci 61.8%||1.2328|
|Daily Pivot Point S1||1.2321|
|Daily Pivot Point S2||1.227|
|Daily Pivot Point S3||1.2242|
|Daily Pivot Point R1||1.24|
|Daily Pivot Point R2||1.2428|
|Daily Pivot Point R3||1.2479|
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.