GBPUSD Price Analysis: 61.8% Fibonacci retracement probes the bulls above 200-day SMA

GBPUSD Price Analysis: 61.8% Fibonacci retracement probes the bulls above 200-day SMA

  • GBP/USD eases from 1.2730, stays near the highest since March 12.
  • Bullish MACD keeps the bulls hopeful to confront a six-month-old resistance line.
  • Sellers may target April tops below 200-day SMA.

GBP/USD prints 0.30% on a day while trading around 1.2706 amid the early Asian session on Monday. The Cable seesaws near three-month high while staying above 200-day SMA. However, 61.8% Fibonacci retracement of December 2019 to March 2020 fall seems to restrict the pair’s immediate upside.

Even so, bullish MACD favors the buyers to aim for a downward sloping trend line from December 12, 2019, at 1.2885 now, during the further upside.

In doing so, 1.2840/45 might offer an intermediate halt whereas March 2020 top near 1.3200 could lure the bulls beyond the said resistance line.

On the downside, a daily closing below 200-day SMA level of 1.2680 might drag the quote towards the April month top of 1.2648.

Should the quote drop below 1.2648 on a daily basis, 50% Fibonacci retracement level around 1.2460/55 could return to the charts.

GBP/USD daily chart

gbpusd daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 1.2708
Today Daily Change 39 pips
Today Daily Change % 0.31%
Today daily open 1.2669

 

Trends
Daily SMA20 1.2329
Daily SMA50 1.2383
Daily SMA100 1.256
Daily SMA200 1.2678

 

Levels
Previous Daily High 1.2732
Previous Daily Low 1.2583
Previous Weekly High 1.2732
Previous Weekly Low 1.2326
Previous Monthly High 1.2601
Previous Monthly Low 1.2076
Daily Fibonacci 38.2% 1.2675
Daily Fibonacci 61.8% 1.264
Daily Pivot Point S1 1.2591
Daily Pivot Point S2 1.2513
Daily Pivot Point S3 1.2443
Daily Pivot Point R1 1.2739
Daily Pivot Point R2 1.281
Daily Pivot Point R3 1.2888

 

 

 


Source: FxStreet

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