GBP/USD Technical Analysis: Retreats from 4-1/2 month tops amid slightly overbought conditions

Haresh Menghani FXStreet

• The pair continued gaining strong positive traction the mid-European session on Tuesday and climbed further beyond the 1.3200 handle, hitting the highest level since mid-October.

• Hope for either a Brexit extension or that the UK PM May might rule out a no-deal Brexit outcome turned out to be one of the key factors fueling the ongoing strong positive momentum.

• Meanwhile, a sustained move beyond the 1.3100 handle was seen as a key trigger for intraday bullish traders and behind a strong 140-pips intraday up-move to levels beyond the 1.3200 mark.

• However, slightly overstretched technical indicators on hourly charts kept a lid on any strong follow-through ahead of the UK PM Theresa May's statement in the parliament later today.

• Any positive headlines might be enough to provide an additional boost and easily lift the pair further beyond the 1.3250-60 intermediate hurdle towards reclaiming the 1.3300 handle.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Today Last Price: 1.3199
    Today Daily change %: 0.75%
    Today Daily Open: 1.3101
Trends:
    Daily SMA20: 1.2986
    Daily SMA50: 1.2877
    Daily SMA100: 1.2879
    Daily SMA200: 1.2993
Levels:
    Previous Daily High: 1.3115
    Previous Daily Low: 1.3051
    Previous Weekly High: 1.3109
    Previous Weekly Low: 1.2891
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.309
    Daily Fibonacci 61.8%: 1.3075
    Daily Pivot Point S1: 1.3063
    Daily Pivot Point S2: 1.3025
    Daily Pivot Point S3: 1.3
    Daily Pivot Point R1: 1.3127
    Daily Pivot Point R2: 1.3153
    Daily Pivot Point R3: 1.3191

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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