GBP/USD Technical Analysis: Bulls gearing up for a move towards 1.2800 neighborhood, 50-DMA

Haresh Menghani FXStreet

• The pair caught some aggressive bids and rallied to mid-1.2700s, or near three-week tops at the start of a new trading week.

• The pair now seems to have found acceptance above two-week old trading range hurdle, confirming a near-term bullish break-out.

GBP/USD daily chart

• Technical indicators on 4-hourly/daily charts have been gaining positive traction and support prospects for additional gains.

• The fact that the pair is holding above important moving averages - 50, 100 & 200-hour SMAs, add credence to the bullish set-up.

• Hence, a follow-through up-move, towards testing 50-day SMA around the 1.2790-1.2800 region, now looks a distinct possibility.

• However, slightly overbought oscillators on the 1-hourly chart warrant some caution amid relatively thin liquidity conditions.

GBP/USD

Overview:
    Today Last Price: 1.274
    Today Daily change: 41 pips
    Today Daily change %: 0.323%
    Today Daily Open: 1.2699
Trends:
    Previous Daily SMA20: 1.2661
    Previous Daily SMA50: 1.2793
    Previous Daily SMA100: 1.2899
    Previous Daily SMA200: 1.3191
Levels:
    Previous Daily High: 1.271
    Previous Daily Low: 1.2635
    Previous Weekly High: 1.2778
    Previous Weekly Low: 1.2616
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2682
    Previous Daily Fibonacci 61.8%: 1.2664
    Previous Daily Pivot Point S1: 1.2653
    Previous Daily Pivot Point S2: 1.2606
    Previous Daily Pivot Point S3: 1.2577
    Previous Daily Pivot Point R1: 1.2728
    Previous Daily Pivot Point R2: 1.2757
    Previous Daily Pivot Point R3: 1.2804

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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