GBP/USD technical analysis: Refreshes session tops, near 100-hour SMA/50% Fibo. confluence region


  • The pair continues to show some resilience near 61.8% Fibo. level.
  • Bulls await a sustained move beyond the overnight swing high.

The GBP/USD pair once again showed some resilience below the 1.2200 round-figure mark on Thursday and witnessed a solid rebound from support marked by 61.8% Fibonacci level of the 1.1958-1.2583 recent strong move up. The intraday buying interest picked up some pace in the last hour and lifted the pair to fresh session tops, levels beyond mid-1.2200s.
 
The mentioned region coincides with 50% Fibo. level and is closely followed by 200-hour SMA near the 1.2285 region – overnight swing high. A sustained move beyond the mentioned barriers might be seen as a key trigger for bullish traders and set the stage for a further intraday appreciating move towards 38.2% Fibo. level resistance – around the 1.2345 region.
 
Meanwhile, technical indicators on the 1-hourly chart have been scaling higher and also recovered from the negative territory on the 4-hourly chart, reinforcing the intraday bullish bias. However, oscillators on the daily chart maintained their bearish bias and warrant some caution before placing any aggressive bullish bets amid persistent Brexit-related uncertainties.
 
Alternatively, rejection slide from the current resistance area, leading to a subsequent slide below the 1.2235 horizontal zone might now accelerate the slide back towards the 1.2200 handle. Failure to defend the mentioned 61.8% Fibo. level support might inspire bears to drag the pair further towards the 1.2160 intermediate support ahead of the 1.2110-1.2100 region.

GBP/USD 1-hourly chart

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GBP/USD

Overview
Today last price 1.2254
Today Daily Change 0.0049
Today Daily Change % 0.40
Today daily open 1.2205
 
Trends
Daily SMA20 1.2369
Daily SMA50 1.2256
Daily SMA100 1.2415
Daily SMA200 1.2716
 
Levels
Previous Daily High 1.2292
Previous Daily Low 1.2197
Previous Weekly High 1.2414
Previous Weekly Low 1.2205
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2233
Daily Fibonacci 61.8% 1.2256
Daily Pivot Point S1 1.2171
Daily Pivot Point S2 1.2136
Daily Pivot Point S3 1.2075
Daily Pivot Point R1 1.2266
Daily Pivot Point R2 1.2327
Daily Pivot Point R3 1.2361

 

 

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