GBP/USD technical analysis: Bounces off 21-hour EMA

21-hour exponential moving average (EMA) questions the GBP/USD pair’s latest pullback.
A downside break of 1.2244/41 will confirm short-term rising wedge bearish formation.

Anil Panchal FXStreet

Following its U-turn from 21-hour EMA, GBP/USD takes the bids to 1.2285 while heading into Wednesday’s United Kingdom session opening.

Prices are now heading towards 1.2300 round figure prior to targeting a monthly top of 1.2310. It should, however, be noted that pair’s rise beyond 1.2310 will be challenged by a three-day-old rising trend-line, close to 1.2320.

Meanwhile, pair’s declines below 21-hour EMA level near 1.2270 can fetch the quote to 1.2244/41 confluence including rising wedge’s support and 23.6% Fibonacci retracement of pair’s run-up since August 11.

If at all sellers sneak in around 1.2240, 200-hour EMA level of 1.2200 and August 20 high near 1.2105 will become their favorites.

GBP/USD hourly chart

Trend: bullish

Additional important levels

Overview
Today last price	1.2282
Today Daily Change	-8 pips
Today Daily Change %	-0.07%
Today daily open	1.229

Trends
Daily SMA20	1.2148
Daily SMA50	1.2381
Daily SMA100	1.2613
Daily SMA200	1.2774

Levels
Previous Daily High	1.231
Previous Daily Low	1.2209
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2271
Daily Fibonacci 61.8%	1.2248
Daily Pivot Point S1	1.2229
Daily Pivot Point S2	1.2169
Daily Pivot Point S3	1.2128
Daily Pivot Point R1	1.233
Daily Pivot Point R2	1.2371
Daily Pivot Point R3	1.2431

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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