GBP/USD Price Analysis: Jostles with multi-day-old resistance near 1.2400

GBP/USD struggles to refresh five-week high as the key resistance line probe bulls.
Descending trend line from late May 2022 restricts immediate upside.
Convergence of 200-DMA, 2.5-month-long ascending support line appears tough nut to crack for bears.
RSI conditions suggest limited room towards the north.

Anil Panchal FXStreet

GBP/USD bulls take a breather around the multi-day high near 1.2400, retreating to 1.2390 by the press time, as a downward-slopping resistance line from May 2022 restricts the immediate upside of the Cable pair.

Adding strength to the bullish bias could be the quote’s successful trading beyond the 200-DMA, as well as the successful rebound from 1.1841.

However, the RSI conditions hint at the limited upside room, which in turn highlights the aforementioned resistance line near 1.2400 as the short-term key hurdle.

Even if the GBP/USD buyers manage to cross the 1.2400 resistance, an ascending resistance line from August 2022, close to 1.2490 at the latest, could act as an additional upside filter.

It’s worth noting that the Cable pair’s run-up beyond 1.2490 could help the buyers approach the May 2022 peak surrounding 1.2665.

Alternatively, pullback moves may initially aim for the August 2022 peak surrounding 1.2290 before witnessing multiple supports near 1.2120 and 1.2100.

Though, a convergence of the 200-DMA and an ascending trend line from the last November, near 1.1980, appears the key support to watch for the GBP/USD bears.

Should the quote breaks the 1.1980 support confluence, the odds of witnessing a fresh monthly low, currently around 1.1840, can’t be ruled out.

GBP/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2388
Today Daily Change	0.0050
Today Daily Change %	0.41%
Today daily open	1.2338

Trends
Daily SMA20	1.2108
Daily SMA50	1.2086
Daily SMA100	1.1707
Daily SMA200	1.1985

Levels
Previous Daily High	1.2436
Previous Daily Low	1.2255
Previous Weekly High	1.2249
Previous Weekly Low	1.2086
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2367
Daily Fibonacci 61.8%	1.2324
Daily Pivot Point S1	1.225
Daily Pivot Point S2	1.2162
Daily Pivot Point S3	1.2068
Daily Pivot Point R1	1.2431
Daily Pivot Point R2	1.2524
Daily Pivot Point R3	1.2613

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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