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Dec 28, 2018
GBP/USD Technical Analysis: Bulls eyeing a breakthrough 1-1/2 week old trading range
• Persistent USD selling bias helped the pair to catch some fresh bids and rally back to the 1.2700 handle during the mid-European session on the last day of the week.
• Sustained move beyond a confluence hurdle - comprising of 100-hour SMA and 38.2% Fibo. retracement level of this week's slide was seen as a key trigger for bullish traders.
GBP/USD 1-hourly chart
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• Technical indicators on hourly charts have been gaining positive traction and have also recovered from the bearish territory, supporting prospects for additional gains.
• Despite a bullish set-up, traders are likely to wait for a convincing breakthrough 1-1/2 week old trading range before positioning for any further near-term appreciating move.
Daily chart
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GBP/USD
Overview:
Today Last Price: 1.2698
Today Daily change: 44 pips
Today Daily change %: 0.348%
Today Daily Open: 1.2654
Trends:
Previous Daily SMA20: 1.2663
Previous Daily SMA50: 1.28
Previous Daily SMA100: 1.29
Previous Daily SMA200: 1.3199
Levels:
Previous Daily High: 1.2676
Previous Daily Low: 1.2616
Previous Weekly High: 1.2708
Previous Weekly Low: 1.2574
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2653
Previous Daily Fibonacci 61.8%: 1.2639
Previous Daily Pivot Point S1: 1.2622
Previous Daily Pivot Point S2: 1.2589
Previous Daily Pivot Point S3: 1.2562
Previous Daily Pivot Point R1: 1.2681
Previous Daily Pivot Point R2: 1.2708
Previous Daily Pivot Point R3: 1.274