GBP/USD technical analysis: 61.8% Fibo, April low question buyers amid overbought RSI

GBP/USD struggles to extend upside amid overbought RSI conditions.
1.2765/60, 200-day SMA acts as nearby supports.

Anil Panchal FXStreet

Not only 61.8% Fibonacci retracement of March-September declines but April low also challenges GBP/USD buyers as the quote seesaws near 1.2825 during early Asian session on Thursday.

Prices stay firm around the five-month high but overbought conditions of 14-bar Relative Strength Index (RSI) and inability to cross the key resistances seem to doubt the latest run-up.

As a result, sellers will look for the pair’s downside break of 1.2765/60 horizontal area, including multiple highs marked since mid-May, in order to aim for 200-day Simple Moving Average (SMA) level of 1.2715.

During the pair’s further weakness past-1.2715, 50% Fibonacci retracement level of 1.2670 and September month high surrounding 1.2580 could lure bears.

On the flip side, a sustained break of 61.8% Fibonacci retracement, at 1.2840, followed by a rise beyond April low of 1.2865, can propel the bulls towards 1.2900 and 1.2980/85 resistance levels.

GBP/USD daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.2824
Today Daily Change	40 pips
Today Daily Change %	0.31%
Today daily open	1.2784

Trends
Daily SMA20	1.2405
Daily SMA50	1.2293
Daily SMA100	1.2413
Daily SMA200	1.2714

Levels
Previous Daily High	1.2801
Previous Daily Low	1.2602
Previous Weekly High	1.2707
Previous Weekly Low	1.2194
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2725
Daily Fibonacci 61.8%	1.2678
Daily Pivot Point S1	1.2657
Daily Pivot Point S2	1.253
Daily Pivot Point S3	1.2458
Daily Pivot Point R1	1.2856
Daily Pivot Point R2	1.2928
Daily Pivot Point R3	1.3056

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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