GBP/USD Technical Analysis: Bulls maintain their dominant position near multi-month tops


  • GBP/USD adds to the overnight gains and rallies to seven-month tops.
  • The technical set-up supports prospects for further appreciating move.

The buying interest around the British pound picked up some pace in the last hour and assisted the GBP/USD pair to break out of its Asian session consolidation phase.

The overnight sustained move above a resistance marked by the top end of over six-week-old descending trend-channel was seen as a key trigger for bullish traders.

This coupled with some follow-through buying beyond the key 1.30 psychological mark seemed to have led to a fresh wave of technical buying and remained supportive.

Meanwhile, the occurrence of a Golden Cross pattern on the daily chart, wherein 50-day SMA crossed above the very important 200-day SMA support prospects for additional gains.

Moreover, bullish technical indicators on the mentioned chart reinforce the constructive outlook, albeit slightly overbought conditions on hourly charts warrant some caution.

Hence, it will be prudent to wait for some near-term consolidation, or a modest pullback, before positioning for any further appreciating move toward the 1.3100 handle.

GBP/USD daily chart

fxsoriginal

GBP/USD

Overview
Today last price 1.3048
Today Daily Change 0.0050
Today Daily Change % 0.38
Today daily open 1.2998
 
Trends
Daily SMA20 1.289
Daily SMA50 1.2738
Daily SMA100 1.2507
Daily SMA200 1.2699
 
Levels
Previous Daily High 1.3013
Previous Daily Low 1.2925
Previous Weekly High 1.2952
Previous Weekly Low 1.2827
Previous Monthly High 1.2986
Previous Monthly Low 1.2769
Daily Fibonacci 38.2% 1.2979
Daily Fibonacci 61.8% 1.2959
Daily Pivot Point S1 1.2944
Daily Pivot Point S2 1.2891
Daily Pivot Point S3 1.2856
Daily Pivot Point R1 1.3032
Daily Pivot Point R2 1.3066
Daily Pivot Point R3 1.312

 

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