GBP/USD Technical Analysis: Surges through 4-month old descending trend-line, climbs further beyond 1.30 mark

Haresh Menghani FXStreet

• The pair continued gaining strong positive traction on Wednesday and surged through the key 1.30 psychological mark to return back to its highs from mid-November.

• The momentum lifted the pair beyond a four-month-old descending trend-line hurdle, confirming a near-term bullish breakout amid diminishing chances of a no-deal Brexit.

• Technical indicators on the daily chart have been gaining positive momentum and support prospects for further appreciating move towards the very important 200-day SMA.

• However, slightly overbought conditions on hourly charts warrant some caution and might turn out to be the only factor hindering the extension of the ongoing up-move.

GBP/USD daily chart

GBP/USD

Overview:
    Today Last Price: 1.3028
Today Daily change %: 0.59%
    Today Daily Open: 1.2952
Trends:
    Daily SMA20: 1.2785
    Daily SMA50: 1.2751
    Daily SMA100: 1.2892
    Daily SMA200: 1.3079
Levels:
    Previous Daily High: 1.2976
    Previous Daily Low: 1.2855
    Previous Weekly High: 1.3002
    Previous Weekly Low: 1.2668
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Daily Fibonacci 38.2%: 1.293
    Daily Fibonacci 61.8%: 1.2901
    Daily Pivot Point S1: 1.288
    Daily Pivot Point S2: 1.2807
    Daily Pivot Point S3: 1.2759
    Daily Pivot Point R1: 1.3001
    Daily Pivot Point R2: 1.3049
    Daily Pivot Point R3: 1.3122

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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