GBP/USD technical analysis: Clings to gains near weekly tops ahead of Carney’s speech

The GBP/USD pair built on the overnight goodish recovery move from multi-month lows and climbed further beyond the key 1.2500 psychological mark on Thursday.
Sustained strength above 100-hour SMA - for the first time since July 1, was seen as a key trigger behind a follow-through buying interest for the second straight session.

Haresh Menghani FXStreet

A subsequent move beyond 23.6% Fibo. level of the 1.2785-1.2440 recent downfall, coupled with the fact that technical indicators on hourly charts have been gaining positive momentum support prospects for further intraday gains.

However, oscillators on the daily chart are yet to catch up with the positive momentum and might turn out to be the only factor holding investors from placing any aggressive bullish bets amid persistent fears of a no-deal Brexit.

Traders now seemed to await Thursday’s release of the BoE Financial Stability Report, which will be followed by the BoE Governor Mark Carney’s press conference, before positioning for a move beyond 200-hour SMA – currently near the 1.2555-60 area.

Above the mentioned region, the pair might confront resistance near the 1.2595-1.2600 supply zone, which if cleared decisively will set the stage for a follow-through up-move towards 61.8% Fibo. level – around the 1.2660-65 zone.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2537
Today Daily Change	0.0038
Today Daily Change %	0.30
Today daily open	1.2499

Trends
Daily SMA20	1.2617
Daily SMA50	1.2724
Daily SMA100	1.2915
Daily SMA200	1.2897

Levels
Previous Daily High	1.2522
Previous Daily Low	1.2444
Previous Weekly High	1.2706
Previous Weekly Low	1.2481
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.2492
Daily Fibonacci 61.8%	1.2474
Daily Pivot Point S1	1.2455
Daily Pivot Point S2	1.241
Daily Pivot Point S3	1.2377
Daily Pivot Point R1	1.2533
Daily Pivot Point R2	1.2567
Daily Pivot Point R3	1.2611

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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