- GBP/USD inches closer to the one-week-old rising support line.
- “Double top” formation around 1.2988/90 caps immediate upside.
The GB/USD pair’s pullback from last week's “double tops” seems to have little downside as a week old rising trend line stands tall to challenge sellers. The pair declines to 1.2894 by the press time that precedes the London open on Monday.
While seeing together, a short-term symmetrical triangle between 1.2867 and 1.2990 is likely the key for the pair traders with the falling level of 14-bar Relative Strength Index (RSI) also favoring a bounce from near-term key support line.
Should prices fail to bounce off 1.2867, 1.2700 and mid-month bottoms close to 1.2515 will gain sellers’ attention.
On the upside, 1.3000 can validate the pair’s run-up beyond 1.2990.
In doing so, May month high close to 1.3180 could lure bulls.
GBP/USD hourly chart
additional important levels
|Today last price||1.2894|
|Today Daily Change||-80 pips|
|Today Daily Change %||-0.62%|
|Today daily open||1.2974|
|Previous Daily High||1.2988|
|Previous Daily Low||1.2839|
|Previous Weekly High||1.299|
|Previous Weekly Low||1.2515|
|Previous Monthly High||1.2583|
|Previous Monthly Low||1.1958|
|Daily Fibonacci 38.2%||1.2931|
|Daily Fibonacci 61.8%||1.2896|
|Daily Pivot Point S1||1.2879|
|Daily Pivot Point S2||1.2784|
|Daily Pivot Point S3||1.273|
|Daily Pivot Point R1||1.3029|
|Daily Pivot Point R2||1.3083|
|Daily Pivot Point R3||1.3178|
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