The GBP/USD pair stalled its intraday downfall near the 1.2645 region and has now moved back closer to the top end of its daily trading range.
The emergence of some dip-buying and a subsequent strong positive move of around 80 pips comes on the back of this week's bullish breakthrough a symmetrical triangle. This, in turn, supports prospects for a further near-term appreciating move.
Meanwhile, technical indicators on 4-hourly/daily charts maintained their bullish bias and have again started gaining positive traction on the 1-hourly chart. This adds credence to the positive outlook amid some aggressive US dollar selling bias.
The pair now seems to have found acceptance above the 1.2700 level, though any further move up is likely to confront resistance near the 1.2745 region. Some follow-through buying should pave the way for a move beyond the 1.2800 round-figure mark.
Meanwhile, the 1.2645 area marks a previous strong resistance breakpoint and should now act as a key pivotal point for short-term traders. Failure to defend the mentioned support might prompt some technical selling and accelerate the downfall.
The pair might then accelerate the corrective slide towards the 1.2600 mark before eventually dropping to test the 1.2540-35 support zone. The latter coincides with a 2-1/2-week-old ascending trend-line or the lower end of the symmetrical triangle.
GBP/USD 4-hourly chart
Technical levels to watch
GBP/USD
| OVERVIEW |
| Today last price |
1.2723 |
| Today Daily Change |
-0.0009 |
| Today Daily Change % |
-0.07 |
| Today daily open |
1.2732 |
| TRENDS |
| Daily SMA20 |
1.2519 |
| Daily SMA50 |
1.2464 |
| Daily SMA100 |
1.2418 |
| Daily SMA200 |
1.2704 |
| LEVELS |
| Previous Daily High |
1.2768 |
| Previous Daily Low |
1.265 |
| Previous Weekly High |
1.2666 |
| Previous Weekly Low |
1.248 |
| Previous Monthly High |
1.2813 |
| Previous Monthly Low |
1.2252 |
| Daily Fibonacci 38.2% |
1.2723 |
| Daily Fibonacci 61.8% |
1.2695 |
| Daily Pivot Point S1 |
1.2665 |
| Daily Pivot Point S2 |
1.2599 |
| Daily Pivot Point S3 |
1.2547 |
| Daily Pivot Point R1 |
1.2783 |
| Daily Pivot Point R2 |
1.2834 |
| Daily Pivot Point R3 |
1.2901
|
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