GBP/USD Technical Analysis: Clings to key resistance trendline amid overbought RSI

GBP/USD nears the seven month high.
An upward sloping trend line since late-June, overbought conditions of RSI highlight October top as nearby support.
Bulls can target May high, yearly top during the further rise.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3100 during Thursday’s Asian session. The pair clings to a multi-month-old rising resistance line amid overbought conditions of 14-day Relative Strength Index (RSI).

Sellers look for entry below October month high, at 1.3013, to take aim at November top surrounding 1.2985. Though, 21-day Exponential Moving Average (EMA) could restrict the pair’s further declines near 1.2930.

Should prices decline below 21-day EMA, 61.8% Fibonacci retracement of March-September fall, at 1.2840, holds the key for the pair’s further south-run towards the previous month low near 1.2770 and 200-day EMA close to 1.2707.

On the contrary, bulls will wait for a successful break of Wednesday’s high of 1.3121 to target the May month top surrounding 1.3180.

Moreover, the pair’s extended rise past-1.3180 enables it to challenge 1.3270 and the yearly high around 1.3385.

GBP/USD daily chart

Trend: Pullback expected

additional important levels

Overview
Today last price	1.3109
Today Daily Change	0.0111
Today Daily Change %	0.85%
Today daily open	1.2998

Trends
Daily SMA20	1.289
Daily SMA50	1.2738
Daily SMA100	1.2507
Daily SMA200	1.2699

Levels
Previous Daily High	1.3013
Previous Daily Low	1.2925
Previous Weekly High	1.2952
Previous Weekly Low	1.2827
Previous Monthly High	1.2986
Previous Monthly Low	1.2769
Daily Fibonacci 38.2%	1.2979
Daily Fibonacci 61.8%	1.2959
Daily Pivot Point S1	1.2944
Daily Pivot Point S2	1.2891
Daily Pivot Point S3	1.2856
Daily Pivot Point R1	1.3032
Daily Pivot Point R2	1.3066
Daily Pivot Point R3	1.312

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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