GBP/USD Price Analysis: Struggles between 50-day SMA, monthly resistance-turned-support

GBP/USD stays mildly positive above monthly support line (previous resistance).
May 08 top can lure buyers past-50-day SMA.
Monthly low, key Fibonacci retracements can keep sellers hopeful during fresh declines.

Anil Panchal FXStreet

Despite stepping back from 50-day SMA the previous day, GBP/USD carries the break of monthly falling trend line while taking the bids near 1.2260 amid early Wednesday.

That said, the pair aims to challenge May 08 high of 1.2467 beyond 1.2283 immediate resistance comprising 50-day SMA.

During the quote’s further rise past-1.2467, highs marked during the April month around 1.2640/50 will be the key.

Meanwhile, pair’s declines below the resistance-turned-support line of 1.236 can refresh the monthly low of 1.2075.

However, 50% and 61.8% Fibonacci retracement of the pair’s March-April rise, respectively around 1.2025 and 1.1880, can check the bears below 1.2075.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2256
Today Daily Change	3 pips
Today Daily Change %	0.02%
Today daily open	1.2253

Trends
Daily SMA20	1.2355
Daily SMA50	1.2294
Daily SMA100	1.2651
Daily SMA200	1.2664

Levels
Previous Daily High	1.2296
Previous Daily Low	1.2184
Previous Weekly High	1.2438
Previous Weekly Low	1.2102
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2254
Daily Fibonacci 61.8%	1.2227
Daily Pivot Point S1	1.2193
Daily Pivot Point S2	1.2132
Daily Pivot Point S3	1.208
Daily Pivot Point R1	1.2305
Daily Pivot Point R2	1.2357
Daily Pivot Point R3	1.2417

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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