GBP/USD Price Analysis: The key upside barrier is seen at the 1.2800–1.2805 zone


  • GBP/USD gains ground near 1.2765, up 0.25% on the day.
  • The bullish outlook of the pair remains intact above the key EMA; the RSI indicator stands in bullish territory above 50.
  • The key resistance level is seen at the 1.2800–1.2805 zone; 1.2715 acts as an initial support level for GBP/USD.

The GBP/USD pair holds positive ground around 1.2765 during the early European session on Thursday. The uptick of the pair is supported by the weaker US Dollar (USD) and improved risk-on sentiment. Traders await the December US Consumer Price Index (CPI) for fresh impetus. The Core CPI is projected to grow 3.8% YoY, while headline inflation is estimated to rise 3.2% YoY versus 3.1% prior.

According to the four-hour chart, the bullish outlook of GBP/USD remains intact as the major pair holds above the 50- and 100-hour Exponential Moving Averages (EMA). Furthermore, the Relative Strength Index (RSI) stands in bullish territory above 50, suggesting the path of least resistance level is to the upside.

A decisive break above the upper boundary of the Bollinger Band at 1.2778 will pave the way to a psychological round mark and a high of December 27 at the 1.2800–1.2805 region. Further north, the next hurdle is seen near a high of December 28 at 1.2828 and a high of July 28 at 1.2888.

On the flip side, the 50-hour EMA at 1.2715 acts as an initial support level for the pair. Any follow-through selling below the latter will expose the 100-hour EMA at 1.2696, followed by the lower limit of the Bollinger Band at 1.2680.

GBP/USD four-hour chart

 

GBP/USD

Overview
Today last price 1.2766
Today Daily Change 0.0032
Today Daily Change % 0.25
Today daily open 1.2734
 
Trends
Daily SMA20 1.2708
Daily SMA50 1.2577
Daily SMA100 1.2447
Daily SMA200 1.2542
 
Levels
Previous Daily High 1.2744
Previous Daily Low 1.2686
Previous Weekly High 1.2771
Previous Weekly Low 1.2611
Previous Monthly High 1.2828
Previous Monthly Low 1.2501
Daily Fibonacci 38.2% 1.2722
Daily Fibonacci 61.8% 1.2709
Daily Pivot Point S1 1.2699
Daily Pivot Point S2 1.2664
Daily Pivot Point S3 1.2641
Daily Pivot Point R1 1.2757
Daily Pivot Point R2 1.278
Daily Pivot Point R3 1.2815

 

 

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