GBP/USD Technical Analysis: Doji on H4, overbought RSI check buyers, October top in focus


  • GBP/USD takes the bids to six week high.
  • Prices recently failed to cross October month’s peak, RSI in overbought conditions.
  • An upside break can avail 1.3050 as an intermediate halt prior to aiming at May top.

GBP/USD revisits 1.3000 psychological magnets during its initial run-up amid Wednesday morning in Asia. The quote earlier stepped back from October highs with a bearish candlestick formation on the four hour (H4) chart and overbought conditions of 14-bar Relative Strength Index (RSI).

The pair’s repeated failures to stay strong beyond October high adds to the bearish catalysts and indicate another pullback to November month high near 1.2986 ahead of highlighting November 28 top near 1.2950.

During the additional declines, a one-week-old rising trend line at 1.2927 becomes the key as a break of which could recall sub-1.2900 area on the chart.

Alternatively, pair’s ability to cross 1.3015 enables it to question May 10 high near 1.3050 while targeting the May month peak around 1.3180.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2997
Today Daily Change 48 pips
Today Daily Change % 0.37%
Today daily open 1.2949
 
Trends
Daily SMA20 1.2885
Daily SMA50 1.2728
Daily SMA100 1.2501
Daily SMA200 1.27
 
Levels
Previous Daily High 1.295
Previous Daily Low 1.2896
Previous Weekly High 1.2952
Previous Weekly Low 1.2827
Previous Monthly High 1.2986
Previous Monthly Low 1.2769
Daily Fibonacci 38.2% 1.2929
Daily Fibonacci 61.8% 1.2917
Daily Pivot Point S1 1.2913
Daily Pivot Point S2 1.2878
Daily Pivot Point S3 1.2859
Daily Pivot Point R1 1.2967
Daily Pivot Point R2 1.2986
Daily Pivot Point R3 1.3021

 

 

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