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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

   •  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

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

 

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