GBP/USD technical analysis: Bears challenged by a year old support-line

GBP/USD bounces off a year-old support-line amid oversold RSI.
Buyers stay away unless clearing mid-July lows.

Anil Panchal FXStreet

Following its U-turn from a downward sloping trend-line since August 2018, the GBP/USD pair takes the rounds to 1.2130 heading into the London open on Thursday.

While oversold levels of 14-day relative strength index (RSI) favor the odds of the pair’s pullback towards 1.2250 on the break of 1.2170, July 17 low and 21-day exponential moving average (EMA) can keep the upside limited around 1.2382 and 1.2400 respectively.

Given the pair’s ability to cross 1.2400 on a daily closing basis, buyers can target January month bottom surrounding 1.2440 ahead of aiming 1.2500 and July month top near 1.2580.

Alternatively, pair’s weakness beneath 1.2100 long-term support-line can take rest around 1.2000 psychological magnet whereas 2017 low near 1.1980 could question bears afterward.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2125
Today Daily Change	-35 pips
Today Daily Change %	-0.29%
Today daily open	1.216

Trends
Daily SMA20	1.2443
Daily SMA50	1.2575
Daily SMA100	1.2804
Daily SMA200	1.2847

Levels
Previous Daily High	1.225
Previous Daily Low	1.2134
Previous Weekly High	1.2522
Previous Weekly Low	1.2376
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2206
Daily Fibonacci 61.8%	1.2179
Daily Pivot Point S1	1.2113
Daily Pivot Point S2	1.2065
Daily Pivot Point S3	1.1996
Daily Pivot Point R1	1.2229
Daily Pivot Point R2	1.2298
Daily Pivot Point R3	1.2346

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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