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
Additional important levels
|Today last price||1.2708|
|Today Daily Change||39 pips|
|Today Daily Change %||0.31%|
|Today daily open||1.2669|
|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|
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