- Immediate channel’s upper-line, 4H 200MA and May month extreme levels constitute upside resistance.
- Break of the nearby channel can recall 1.2620 as a quote.
Despite lack of momentum, a 12-day long ascending trend-channel portrays the GBP/USD pair’s strength as it trades near 1.2720 ahead of the London open on Wednesday.
With this, the pair can keep being a strong contestant to aim for 1.2760/65 and 38.2% Fibonacci retracement level of 1.2800.
However, 200-bar moving average (4H 200MA), resistance-line of the channel and extreme levels of late-May could restrict the pair’s additional rise around 1.2815/20.
Should buyers dominate past-1.2820, 1.2900 and 61.8% Fibonacci retracement near 1.2945 could be their next bets.
On the downside break of channel support, at 1.2680, may trigger the pair’s pullback to 1.2655 and then to a recent low around 1.2620.
GBP/USD 4-Hour chart
- R3 1.2811
- R2 1.2772
- R1 1.2748
- PP 1.2709
- S1 1.2685
- S2 1.2646
- S3 1.2621
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.