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Market Analysis

GBPUSD Price Analysis: Approaches Near 1.2550 Amid Expectations of Momentum Shift
Amos Simanungkalit · 10.1K Views

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GBP/USD is continuing its upward momentum for the second consecutive day, trading around 1.2530 in the Asian session. The pair is consolidating within a descending channel on the daily chart, with the 14-day Relative Strength Index (RSI) hovering around the 50-level, indicating a potential weakening of the bearish trend.


Furthermore, the Moving Average Convergence Divergence (MACD) suggests a shift in momentum, currently positioned above the signal line but below the centerline. A break above the centerline could confirm the diminishing bearish bias.

 

In terms of support levels, GBP/USD might find immediate backing at 1.2518, followed by the nine-day Exponential Moving Average (EMA) at 1.2504 and the psychological level of 1.2500. A breach below this level could drive the pair towards the six-month low of 1.2300, and subsequently towards the lower boundary of the descending channel near 1.2240.


On the upside, resistance is anticipated at the upper boundary of the descending channel around 1.2570, followed by the 50% retracement level at 1.2597, derived from the range between 1.2894 and 1.2300.


A breakthrough above this level could propel GBP/USD towards the pullback resistance at 1.2710.

 


GBPUSD: Daily Chart

 

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GBP/USD

 

OVERVIEW
Today last price 1.2535
Today Daily Change 0.0009
Today Daily Change % 0.07
Today daily open 1.2526
 
TRENDS
Daily SMA20 1.2507
Daily SMA50 1.2618
Daily SMA100 1.2648
Daily SMA200 1.2551
 
LEVELS
Previous Daily High 1.255
Previous Daily Low 1.2466
Previous Weekly High 1.2542
Previous Weekly Low 1.23
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2518
Daily Fibonacci 61.8% 1.2498
Daily Pivot Point S1 1.2479
Daily Pivot Point S2 1.2431
Daily Pivot Point S3 1.2395
Daily Pivot Point R1 1.2562
Daily Pivot Point R2 1.2598
Daily Pivot Point R3 1.2646

 

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

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