GBP/USD Price Analysis: Three-week-old resistance line probes strongest MACD signals in one month

GBP/USD fades upside momentum from 1.2928, bulls cling to 50-day EMA after three-day rise.
MACD conditions push for another attempt to cross immediate resistance line.
50% Fibonacci retracement offers nearby support before highlighting September low.

Anil Panchal FXStreet

GBP/USD steps back to 1.2919 during the pre-Tokyo open Asian trading on Thursday. The Cable rose for three consecutive days by the end of September, before probing the 50-day EMA amid bullish MACD.

Considering the momentum strength, the quote is expected to attack the descending trend line from September 10, at 1.2957 now.

Though, any further upside by GBP/USD beyond 1.2957 will be probed by the 1.3000 psychological magnet.

Additionally, highs marked on September 16 and 10, respectively around 1.3010 and 1.3035, will also challenge the pair bulls.

Meanwhile, GBP/USD weakness below the 50-day EMA level of 1.2920 can aim for a 50% Fibonacci retracement of June-September upside, at 1.2868.

In a case where the Pound sellers dominate past-1.2868, September 11 low around 1.2760 will precede 61.8% of Fibonacci retracement and the previous month’s low, near 1.2720 and 1.2675 respectively, to pop-up on the radar.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2923
Today Daily Change	58 pips
Today Daily Change %	0.45%
Today daily open	1.2865

Trends
Daily SMA20	1.2936
Daily SMA50	1.3024
Daily SMA100	1.2744
Daily SMA200	1.272

Levels
Previous Daily High	1.2903
Previous Daily Low	1.2823
Previous Weekly High	1.2967
Previous Weekly Low	1.2676
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2872
Daily Fibonacci 61.8%	1.2853
Daily Pivot Point S1	1.2824
Daily Pivot Point S2	1.2783
Daily Pivot Point S3	1.2744
Daily Pivot Point R1	1.2905
Daily Pivot Point R2	1.2944
Daily Pivot Point R3	1.2985

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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