GBP/USD technical analysis: Cable afloat above 200-HMA

GBP/USD bounces off 200-HMA towards 23.6% Fibonacci retracement.
One-week old rising trend-line adds to the support.

Anil Panchal FXStreet

GBP/USD takes another U-turn from 200-hour simple moving average (HMA) while taking rounds to 1.2212 ahead of Thursday’s UK markets’ open.

The pair now eyes, 23.6% Fibonacci retracement of August 20-27 advances, at 1.2252, a break of which could escalate the run-up towards the monthly high of 1.2310.

If prices manage to rise past-1.2310, 50-day simple moving average (50-DMA) level near 1.2360 will flash on the GBP/USD buyers’ radar.

Meanwhile, pair’s decline below 200-HMA level of 1.2198 will be challenged by a week-long upward sloping trend-line at 1.2167 and 61.8% Fibonacci retracement level of 1.2158.

Should there be increased selling pressure below 1.2158, August 20 low near 1.2065 can please the bears.

GBP/USD hourly chart

Trend: pullback expected

Additional important levels

Overview
Today last price	1.2212
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2212

Trends
Daily SMA20	1.2151
Daily SMA50	1.2372
Daily SMA100	1.2604
Daily SMA200	1.2772

Levels
Previous Daily High	1.2293
Previous Daily Low	1.2156
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2208
Daily Fibonacci 61.8%	1.2241
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2083
Daily Pivot Point S3	1.201
Daily Pivot Point R1	1.2285
Daily Pivot Point R2	1.2358
Daily Pivot Point R3	1.2422

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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