GBP/USD Price Analysis: Spikes to weekly tops, tests 200-hour SMA

GBP/USD gains some traction for the third consecutive session on Thursday.
The set-up favours bulls, albeit warrants caution amid fears of a no-deal Brexit.

Haresh Menghani FXStreet

The GBP/USD pair added to its recent recovery move and gained some follow-through traction for the third consecutive session on Thursday. The momentum lifted the pair to fresh weekly tops in the last hour, with bulls now eyeing a move beyond 200-hour SMA.

This is followed by a resistance marked by the top end of over two-week-old descending trend-channel, around the 1.3100 handle. A sustained move beyond the said barrier might be seen as a key trigger for bullish traders and pave the way for a further appreciating move.

Meanwhile, technical indicators on hourly charts have been gaining positive traction and also recovered from the negative territory on the daily chart. The set-up seems tilted in favour of bullish traders, albeit concerns about a no-deal Brexit might continue to cap strong gains.

Hence, it will be prudent to wait for some strong follow-through buying beyond the trend-channel resistance before placing any fresh bullish bets. The pair might then accelerate the move towards the 1.3165-70 supply zone en-route the 1.3200 round-figure mark.

On the flip side, any meaningful pullback below 100-hour SMA, around the 1.3025-20 region, now seems to find decent support near the key 1.30 psychological mark. Below the said support, the pair might slide towards challenging the trend-channel support, currently near the 1.2900 handle.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.3051
Today Daily Change	0.0020
Today Daily Change %	0.15
Today daily open	1.3031

Trends
Daily SMA20	1.3065
Daily SMA50	1.3025
Daily SMA100	1.2778
Daily SMA200	1.2691

Levels
Previous Daily High	1.3043
Previous Daily Low	1.2985
Previous Weekly High	1.3213
Previous Weekly Low	1.3013
Previous Monthly High	1.3515
Previous Monthly Low	1.2896
Daily Fibonacci 38.2%	1.3021
Daily Fibonacci 61.8%	1.3007
Daily Pivot Point S1	1.2996
Daily Pivot Point S2	1.2961
Daily Pivot Point S3	1.2938
Daily Pivot Point R1	1.3054
Daily Pivot Point R2	1.3078
Daily Pivot Point R3	1.3112

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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