- GBP/USD stays positive above 23.6% Fibonacci retracement of a fortnight old run-up.
- The upper line of the channel restricts pair’s latest rise amid neutral RSI conditions.
Even after rising to the highest since last Thursday, not to mention successfully crossing 23.6% Fibonacci retracement of a fortnight up-move, GBP/USD stays inside a short-term ascending channel while taking rounds to 1.2900 during the initial Asian session on Thursday.
Not only the resistance line of a one-week-old rising channel, close to 1.2915, but neutral conditions of 14-bar Relative Strength Index (RSI) also portrays buyers’ exhaustion around .2900 mark.
Though, sellers will look for a downside break of 23.6% Fibonacci retracement level at 1.2895, to aim for a two-day-old upward sloping trend line, at 1.2850.
In case prices decline below 1.2850, support line of the channel, at 1.2813, will be the key as it holds the gate for fresh declines to 1.2750 and 61.8% Fibonacci retracement level of 1.2705.
Meanwhile, pair’s further recovery beyond the channel’s resistance of 1.2915 will push buyers towards 1.2950, 1.3000 and 1.3015 consecutive upside barriers ahead of targeting May month high near 1.3180.
GBP/USD hourly chart
Trend: pullback expected
additional important levels
|Today last price||1.29|
|Today Daily Change||32 pips|
|Today Daily Change %||0.25%|
|Today daily open||1.2868|
|Previous Daily High||1.2906|
|Previous Daily Low||1.2804|
|Previous Weekly High||1.3013|
|Previous Weekly Low||1.2787|
|Previous Monthly High||1.2583|
|Previous Monthly Low||1.1958|
|Daily Fibonacci 38.2%||1.2867|
|Daily Fibonacci 61.8%||1.2843|
|Daily Pivot Point S1||1.2813|
|Daily Pivot Point S2||1.2758|
|Daily Pivot Point S3||1.2711|
|Daily Pivot Point R1||1.2914|
|Daily Pivot Point R2||1.2961|
|Daily Pivot Point R3||1.3016|
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.