GBP/USD Technical Analysis: Bulls take out 1-1/2-month old descending trend-line resistance

Haresh Menghani FXStreet

• The pair built on last week's modest recovery from over two-month lows, around the 1.2865 region, and caught some aggressive bids on Tuesday.

• A sustained move back above the very important 200-day SMA was seen as a key trigger for bullish traders and fueling the ongoing strong upsurge.

• The positive momentum further assisted the pair to make it through a short-term descending trend-line resistance, extending from YTD swing highs.

• Technical indicators on the daily chart have just recovered from the negative territory and are already pointing to overbought conditions on hourly charts.

• The set-up might have turned in favour of bullish traders, albeit warrant some consolidation before the next leg of an up-move towards the 1.3100 handle.

GBP/USD daily chart

GBP/USD

Overview
Today last price	1.3032
Today Daily Change	0.0098
Today Daily Change %	0.76
Today daily open	1.2934

Trends
Daily SMA20	1.3023
Daily SMA50	1.3107
Daily SMA100	1.2969
Daily SMA200	1.2961

Levels
Previous Daily High	1.2947
Previous Daily Low	1.2904
Previous Weekly High	1.302
Previous Weekly Low	1.2865
Previous Monthly High	1.3384
Previous Monthly Low	1.296
Daily Fibonacci 38.2%	1.2931
Daily Fibonacci 61.8%	1.292
Daily Pivot Point S1	1.291
Daily Pivot Point S2	1.2885
Daily Pivot Point S3	1.2867
Daily Pivot Point R1	1.2953
Daily Pivot Point R2	1.2971
Daily Pivot Point R3	1.2996

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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