GBP/USD Price Analysis: Bulls approach 1.2430 key hurdle

GBP/USD picks up bids to reverse late Thursday’s pullback.
Firmer MACD signals, sustained trading beyond key HMAs keep buyers hopeful.
Bears need clear beak of 1.2315 to retake control.

Anil Panchal FXStreet

GBP/USD grinds higher past 1.2400 during early Friday as it reverses the previous day’s correction ahead of the key US data. In doing so, the Cable bounces off an upward-sloping support line from Tuesday to print a three-day winning streak, even with mild gains.

Not only the quote’s rebound from the short-term key support line but the bullish MACD signals and successful trading beyond the key Hourly Moving Averages (HMAs) also suggest further upside for the quote.

However, a clear break of the descending resistance line from January 18, close to 1.2430 by the press time, appears necessary for the GBP/USD bulls to keep the reins.

Following that, the 1.2500 and the 1.2600 round figure may act as upside filters before directing the price to the May 2022 peak surrounding 1.2665.

On the flip side, a pullback move may initially falter around a convergence of the 50-HMA and the 100-HMA, near 1.2370 by the press time, a break of which could drag the GBP/USD pair to the aforementioned immediate support line near 1.2355.

In a case where the GBP/USD bears dominate past 1.2355, an ascending trend line from January 12, surrounding 1.2315 as we write, appears the last defense of the Cable pair buyers.

GBP/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2416
Today Daily Change	0.0002
Today Daily Change %	0.02%
Today daily open	1.2414

Trends
Daily SMA20	1.2211
Daily SMA50	1.2153
Daily SMA100	1.1758
Daily SMA200	1.1965

Levels
Previous Daily High	1.243
Previous Daily Low	1.2344
Previous Weekly High	1.2436
Previous Weekly Low	1.2169
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2398
Daily Fibonacci 61.8%	1.2377
Daily Pivot Point S1	1.2362
Daily Pivot Point S2	1.2311
Daily Pivot Point S3	1.2277
Daily Pivot Point R1	1.2448
Daily Pivot Point R2	1.2482
Daily Pivot Point R3	1.2534

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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