GBP/USD technical analysis: Intraday up-move pauses near 200-hour SMA, ahead of 1.2500 handle
- After a brief consolidation, the GBP/USD pair picked up the pace in the last hour and climbed to fresh session tops - closer to the key 1.2500 psychological mark in the last hour.
- The mentioned handle nears 200-hour SMA and is followed by 61.8% Fibo. level of the 1.2580-1.2382 weekly slide, which should now act as a key pivotal point for intraday traders.
Meanwhile, technical indicators on hourly charts have been gaining positive traction, coupled with the fact that the pair has found acceptance above 50% Fibo. level support prospects for further near-term recovery.
Momentum beyond the said barrier is likely to confront some resistance near the 1.2520-25 region, above which the pair seems all set to aim towards challenging the 1.2575-80 supply zone, tested earlier this week.
However, oscillators on the daily chart are yet to catch up with the ongoing recovery move and maintained their bearish bias, warranting some caution before placing any aggressive bullish bets amid Brexit uncertainty.
On the downside, immediate support awaits near the 1.2470-65 region (38.2% Fibo.) and is followed by support near the 1.2425-20 area (23.6% Fibo.), which if broken might turn the pair vulnerable to resume the well-established bearish trend.
GBP/USD 1-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
