GBP/USD Technical Analysis: Bulls gearing up for a move towards 1.2800 neighborhood, 50-DMA
• The pair caught some aggressive bids and rallied to mid-1.2700s, or near three-week tops at the start of a new trading week.
• The pair now seems to have found acceptance above two-week old trading range hurdle, confirming a near-term bullish break-out.
GBP/USD daily chart
• Technical indicators on 4-hourly/daily charts have been gaining positive traction and support prospects for additional gains.
• The fact that the pair is holding above important moving averages - 50, 100 & 200-hour SMAs, add credence to the bullish set-up.
• Hence, a follow-through up-move, towards testing 50-day SMA around the 1.2790-1.2800 region, now looks a distinct possibility.
• However, slightly overbought oscillators on the 1-hourly chart warrant some caution amid relatively thin liquidity conditions.
Today Last Price: 1.274
Today Daily change: 41 pips
Today Daily change %: 0.323%
Today Daily Open: 1.2699
Previous Daily SMA20: 1.2661
Previous Daily SMA50: 1.2793
Previous Daily SMA100: 1.2899
Previous Daily SMA200: 1.3191
Previous Daily High: 1.271
Previous Daily Low: 1.2635
Previous Weekly High: 1.2778
Previous Weekly Low: 1.2616
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2682
Previous Daily Fibonacci 61.8%: 1.2664
Previous Daily Pivot Point S1: 1.2653
Previous Daily Pivot Point S2: 1.2606
Previous Daily Pivot Point S3: 1.2577
Previous Daily Pivot Point R1: 1.2728
Previous Daily Pivot Point R2: 1.2757
Previous Daily Pivot Point R3: 1.2804