GBP/USD Price Analysis: Sticks to daily gains above mid-1.2300s

GBP/USD stages a goodish bounce from two-week lows amid a modest USD pullback.
Bulls are likely to wait for a move beyond the 1.2400 mark before placing fresh bets.

Haresh Menghani FXStreet

The GBP/USD pair continued scaling higher through the mid-European session and refreshed daily tops, around the 1.2385 region in the last hour.

A sustained move beyond the 23.6% Fibonacci of the 1.2648-1.2247 leg down was seen as a key trigger for bullish traders amid a modest USD pullback.

The pair recovered a major part of the overnight slide to two-week lows, albeit lacked any strong follow-through and remained below the 1.2400 mark.

The mentioned level coincides with 38.2% Fibo. retracement and should now act as an important pivotal point for the pair's next leg of a directional move.

Meanwhile, technical indicators on the 1-hourly chart have again started gaining some positive traction and support prospects for a further appreciating move.

However, oscillators on the daily chart are yet to catch up with the momentum and warrant some caution before placing any aggressive bullish bets.

Hence, it will be prudent to wait for a sustained move beyond the 1.2400 mark, above which the pair is likely to accelerate the move up towards the 1.2445-50 region.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2371
Today Daily Change	0.0078
Today Daily Change %	0.63
Today daily open	1.2293

Trends
Daily SMA20	1.238
Daily SMA50	1.2529
Daily SMA100	1.2804
Daily SMA200	1.2655

Levels
Previous Daily High	1.2449
Previous Daily Low	1.2247
Previous Weekly High	1.2648
Previous Weekly Low	1.2407
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2324
Daily Fibonacci 61.8%	1.2372
Daily Pivot Point S1	1.2211
Daily Pivot Point S2	1.2128
Daily Pivot Point S3	1.201
Daily Pivot Point R1	1.2412
Daily Pivot Point R2	1.2531
Daily Pivot Point R3	1.2613

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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