GBP/USD Technical Analysis: Climbs beyond 200-hour SMA to test ascending trend-channel resistance

Haresh Menghani FXStreet

• The pair built on its recent bounce from over two-month lows and continued gaining some positive traction for the third consecutive session on Tuesday.

• The momentum has now lifted the pair above 200-hour SMA to test a resistance marked by the top end of a short-term ascending trend-channel formation.

• Technical indicators on hourly charts have been gaining positive traction and support prospects for an extension of the ongoing recovery momentum.

• Meanwhile, the mentioned hurdle coincides with a previous confluence support break-point - comprising of 200-day SMA and a descending triangle pattern support.

• With oscillators on the daily chart are yet to catch up with the up-move, any subsequent recovery seems more likely to fizzle out near the key 1.30 psychological mark.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.296
Today Daily Change	0.0026
Today Daily Change %	0.20
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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