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GBP/USD technical analysis: On the front-foot inside 4-day old rising channel

Written by By Anil Panchal | 2019-09-11 05:56:42 GMT
  • GBP/USD is on the bids following short-term rising channel formation.
  • The two-day long descending trend-line limits immediate upside.
  • 200-hour EMA adds strength to the channel’s support.

Although a two-day-old falling trend-line is likely limiting the GBP/USD pair’s immediate upside, the pair continues to follow a short-term rising channel formation, which in turn portrays its strength. The quote seesaws around the intra-day high of 1.2368 while heading into the UK open on Wednesday.

An upside break beyond immediate resistance-line, at 1.2375, could propel prices to latest high surrounding 1.2385 and then to channel’s upper-line near 1.2410.

On the downside, 200-hour exponential moving average (EMA) level and the channel’s lower-line guards the pair’s declines around 1.2265/60, a break of which can quickly drag the quote to 1.2210 support.

During the pair’s further south-run below 1.2210, one-week-low around 1.2165 and 1.2100 will become sellers’ favorites.

GBP/USD hourly chart

Trend: bullish

additional important levels

Overview
Today last price 1.2364
Today Daily Change 10 pips
Today Daily Change % 0.08%
Today daily open 1.2354
 
Trends
Daily SMA20 1.2202
Daily SMA50 1.229
Daily SMA100 1.2533
Daily SMA200 1.2747
Levels
Previous Daily High 1.238
Previous Daily Low 1.2306
Previous Weekly High 1.2354
Previous Weekly Low 1.1958
Previous Monthly High 1.231
Previous Monthly Low 1.2015
Daily Fibonacci 38.2% 1.2352
Daily Fibonacci 61.8% 1.2334
Daily Pivot Point S1 1.2314
Daily Pivot Point S2 1.2273
Daily Pivot Point S3 1.224
Daily Pivot Point R1 1.2388
Daily Pivot Point R2 1.2421
Daily Pivot Point R3 1.2462

 

 

Author

By Anil Panchal
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