GBP/USD Price Analysis: Consolidates gains below 1.3000

GBP/USD recedes from the highest since March 10.
Break of two-day-old support line, MACD/RSI conditions push the sellers to take the risk.
1.2775/80 becomes the key support, bulls may aim for mid-February highs beyond 1.3000.

Anil Panchal FXStreet

GBP/USD eases to 1.2980 during Thursday’s Asian session. In doing so, the Cable takes a U-turn from the highest since the early March while cheering the break of the immediate support line. Also suggesting further pullback is the bearish MACD signal and downward sloping RSI.

Hence, Tuesday’s high around 1.2940 gains the traders’ immediate attention ahead of an ascending support line from July 23, at 1.2925.

If at all the bears manage to break 1.2925 level, 1.2900 holds the key to the pair’s south-run towards 1.2775/80 support-zone, comprising 200-HMA and early-July 24 high.

Meanwhile, an upside clearance of 1.3000 will have to cross February 13 top near 1.3070 before attacking March month’s peak of 1.3200.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2984
Today Daily Change	-13 pips
Today Daily Change %	-0.10%
Today daily open	1.2997

Trends
Daily SMA20	1.2656
Daily SMA50	1.2541
Daily SMA100	1.2412
Daily SMA200	1.2702

Levels
Previous Daily High	1.3014
Previous Daily Low	1.2912
Previous Weekly High	1.2804
Previous Weekly Low	1.2518
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2975
Daily Fibonacci 61.8%	1.2951
Daily Pivot Point S1	1.2935
Daily Pivot Point S2	1.2873
Daily Pivot Point S3	1.2833
Daily Pivot Point R1	1.3036
Daily Pivot Point R2	1.3076
Daily Pivot Point R3	1.3138

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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