GBP/USD Price Analysis: Short-term resistance-turned-support keeps buyers hopeful

GBP/USD maintains the break of 21-day SMA, a seven-week-old falling trend line.
50-day SMA holds the gate for the further recovery towards 200-day SMA.

Anil Panchal FXStreet

GBP/USD registers modest gains to 1.2435 amid Wednesday’s Asian session. Despite the pair’s latest pullback moves, it stays above a short-term falling trend line from March 09 and 21-day SMA amid mildly bullish MACD.

As a result, the buyers are set to confront a 50-day SMA level of 1.2455, a break of which could escalate the recovery moves towards 200-day SMA, currently around 1.2655.

In a case where the bulls manage to cross 1.2655 on a daily closing basis, the early-March bottom surrounding 1.2740 may return to the chart.

Alternatively, a daily closing below 1.2415/10 support confluence can drag the pair back to the previous week’s low surrounding 1.2250. Though, the monthly bottom close to 1.2165 could restrict the pair’s further downside.

GBP/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2434
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	1.2432

Trends
Daily SMA20	1.2407
Daily SMA50	1.2478
Daily SMA100	1.2773
Daily SMA200	1.2653

Levels
Previous Daily High	1.2455
Previous Daily Low	1.236
Previous Weekly High	1.2503
Previous Weekly Low	1.2247
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2419
Daily Fibonacci 61.8%	1.2396
Daily Pivot Point S1	1.2376
Daily Pivot Point S2	1.2321
Daily Pivot Point S3	1.2281
Daily Pivot Point R1	1.2471
Daily Pivot Point R2	1.251
Daily Pivot Point R3	1.2566

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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