GBP/USD technical analysis: Upside remains capped by 1.2815/20

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.

Anil Panchal FXStreet

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

Trend: Bearish

1. R3 1.2811
2. R2 1.2772
3. R1 1.2748
PP 1.2709
1. S1 1.2685
2. S2 1.2646
3. S3 1.2621

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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