GBP/USD technical analysis: 1-week-old rising channel caps recent recovery

  • 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
Daily SMA20 1.265
Daily SMA50 1.245
Daily SMA100 1.2434
Daily SMA200 1.2715
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



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