GBP/USD Price Analysis: Seven-week-old resistance trendline in focus

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.

Anil Panchal FXStreet

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.

As a result, the short-term resistance trend line, currently near 1.2460, is on the bulls’ radars ahead of 61.8% Fibonacci retracement of March month downside.

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

Overview
Today last price	1.2427
Today Daily Change	55 pips
Today Daily Change %	0.44%
Today daily open	1.2372

Trends
Daily SMA20	1.2406
Daily SMA50	1.2489
Daily SMA100	1.278
Daily SMA200	1.2653

Levels
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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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