- 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.
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
|Today last price||1.3051|
|Today Daily Change||0.0020|
|Today Daily Change %||0.15|
|Today daily open||1.3031|
|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|
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.