GBP/USD technical analysis: Bullish MACD favors recovery to 12-day old resistance-line, 21-DMA

GBP/USD carries the latest recovery towards near-term key resistance-line amid bullish MACD.
21-DMA can question buyers if the trend-line breaks, 1.2015 becomes the key support.

Anil Panchal FXStreet

GBP/USD recovers to 1.2100 as bullish MACD pleases buyers while heading into the UK session open on Friday.

Traders now look forward to a downward sloping trend-line since month-start, at 1.2140 as the key resistance ahead of targeting 21-day moving average (21-DMA) level of 1.2217.

In a case prices move beyond 1.2217, 38.2% Fibonacci retracement of June-August declines, at 1.2310 and July 17 low near 1.2382 could mark come back on the chart.

Meanwhile, pair’s decline below the latest low of 1.2015, irrespective of bullish signal from 12-bar moving average convergence and divergence (MACD), opens the door for the fresh plunge to 2017 low of 1.1987 and then towards 2016 bottom surrounding 1.1806.

GBP/USD daily chart

Trend: Recovery expected

GBP/USD

Overview
Today last price	1.2098
Today Daily Change	12 pips
Today Daily Change %	0.10%
Today daily open	1.2086

Trends
Daily SMA20	1.2223
Daily SMA50	1.2452
Daily SMA100	1.2683
Daily SMA200	1.2802

Levels
Previous Daily High	1.2152
Previous Daily Low	1.205
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2113
Daily Fibonacci 61.8%	1.2089
Daily Pivot Point S1	1.204
Daily Pivot Point S2	1.1994
Daily Pivot Point S3	1.1938
Daily Pivot Point R1	1.2141
Daily Pivot Point R2	1.2197
Daily Pivot Point R3	1.2243

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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