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.

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

 

 

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.

Feed news

Stop losing your money! 
Learn to trade with us!

24/7 signals + Webinars    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD drops below 1.1900 as dollar rebounds amid risk-aversion

EUR/USD is trading below 1.1900, retreating further from two-week highs of 1.1927 amid resurgent haven demand for the US dollar whilst the Treasury yields recover. Concerns about vaccines in Europe outweigh the Fed's dovish message.

EUR/USD News

GBP/USD struggles around 1.37 on dollar strength, Brexit and covid concerns

GBP/USD is trying to hold onto 1.37, trading near the March lows. The US dollar is rebounding the from dovish Fed-induced blow. Concerns about Britain's vaccine supplies and Brexit-related issues are weighing on sentiment.

GBP/USD News

XAU/USD trades as a function of yields, bounces at $1730 support

Spot gold (XAU/USD) prices have seen choppy price action this Friday, dropping from Asia Pacific levels in the upper-$1750s to lows around $1730, before recovering back to the mid-$1740s in recent trade. 

Gold News

Cardano’s Alonzo update might catalyze ADA price for 78% upswing

IOHK revealed Alonzo, the next protocol update for the Cardano blockchain. The upgrade will build on top of the recent releases like Mary, Allegra and so on to bring smart contract capabilities. ADA price falters but holds up as buyers eye a 78% bull run to record levels.

Read more

S&P 500: High high and away, it's the running of the bulls as PPI Freezes up

Up up and away as bulls push more record highs in equity markets. In the short term nothing, it appears, is clouding the picture. Or is it! The ten year yield reawakens with a fairly sharp rise back toward 1.7%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures