GBP/USD technical analysis: Struggles between 10/21-DMA amid bullish MACD

GBP/USD seesaws inside a choppy range between 10 and 21-DMA.
MACD flashes bullish signal.

Anil Panchal FXStreet

Despite reversing from the 21-day simple moving average (DMA), GBP/USD remains above 10-DMA as it trades near 1.2134 during Asian session on Thursday.

Supporting the pair’s upside is a bullish signal by 12-bar moving average convergence and divergence (MACD). However, a sustained break of 1.2156 comprising 21-DMA becomes necessary to lure buyers.

During the pair’s advances past-1.2156, 23.6% Fibonacci retracement level of June-August downpour, at 1.2195, and a downward sloping trend-line since late-June near 1.2280 can please the bulls.

Meanwhile, a daily closing below 10-DMA level of 1.2100 highlights the importance of 1.2050 and 1.2015 supports, a break of which can drag prices to further down below 1.2000 round-figure.

GBP/USD daily chart

Trend: Sideways

1. R3 1.223
2. R2 1.2204
3. R1 1.2166
PP 1.2139
1. S1 1.2101
2. S2 1.2074
3. S3 1.2036

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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