GBP/USD Technical Analysis: A move towards reclaiming 1.30 mark remains a distinct possibility
• The pair extended its sideways consolidative price action on Tuesday, albeit now seems to have formed a firm base near 50-period SMA on the 4-hourly chart.
• Given Friday's bullish breakthrough a 2-1/2 week old descending trend-channel, dip buying near the resistance break-point reinforces the constructive set-up.
• Moreover, bullish technical indicators on the mentioned chart also support prospects for further up-move towards reclaiming the key 1.30 psychological mark.
• However, a sustained weakness back below 50-period SMA, around the 1.2900-1.2890 region, might invalidate the expected move and turn the pair vulnerable.
GBP/USD 4-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.2925
Today Daily change %: -0.02%
Today Daily Open: 1.2928
Trends:
Daily SMA20: 1.2993
Daily SMA50: 1.2831
Daily SMA100: 1.2877
Daily SMA200: 1.3004
Levels:
Previous Daily High: 1.294
Previous Daily Low: 1.2891
Previous Weekly High: 1.2959
Previous Weekly Low: 1.2773
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.2921
Daily Fibonacci 61.8%: 1.291
Daily Pivot Point S1: 1.29
Daily Pivot Point S2: 1.2871
Daily Pivot Point S3: 1.2851
Daily Pivot Point R1: 1.2948
Daily Pivot Point R2: 1.2968
Daily Pivot Point R3: 1.2997