GBP/USD Price Analysis: Struggles to violate the critical hurdle of 1.2100

A responsive buying action after testing the two-week-old support of the June 14 low at 1.1970 favors sterling.
The cable is attempting to breach the critical barricade of 1.2100 in the Asian session.
Pound bulls are established above the 20-EMA and are aiming to oscillate above the 50-EMA.

Sagar Dua FXStreet

The GBP/USD pair is attempting to overstep the potential resistance of 1.2106 in order to turn the rebound into a bullish reversal. The pound bulls are hovering around the above-mentioned potential resistance from the early Tokyo session.

The cable has witnessed a responsive buying action after testing the two-week-old support of the June 14 low at 1.1970. Usually, a responsive buying action in the asset indicates that the asset has become a value bet now. Currently, the potential resistance of Wednesday’s low at 1.2106 is acting as a major barricade for the pound bulls.

An establishment above the 20-period Exponential Moving Average (EMA) at 1.2090 adds to the upside filters. Also, the cable has attacked the 50-EMA at 1.2115. However, sustainability above the same will strengthen the pound bulls further.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a 40.00-60.00 range, which signals a consolidation ahead.

A decisive move above Monday’s high at 1.2122 will send the asset towards Friday’s high at 1.2188. A breach of the latter will drive the cable towards Tuesday’s high at 1.2292.

Alternatively, the greenback bulls could regain their glory if the asset drops below Friday’s low at 1.1976. An occurrence of the same will drag the asset towards the round-level support at 1.1900, followed by a 26 March 2020 low at 1.1777.

GBP/USD hourly chart

GBP/USD

Overview
Today last price	1.2106
Today Daily Change	0.0007
Today Daily Change %	0.06
Today daily open	1.2099

Trends
Daily SMA20	1.2277
Daily SMA50	1.2399
Daily SMA100	1.2803
Daily SMA200	1.3154

Levels
Previous Daily High	1.218
Previous Daily Low	1.1976
Previous Weekly High	1.2332
Previous Weekly Low	1.1976
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.2054
Daily Fibonacci 61.8%	1.2102
Daily Pivot Point S1	1.199
Daily Pivot Point S2	1.1881
Daily Pivot Point S3	1.1786
Daily Pivot Point R1	1.2194
Daily Pivot Point R2	1.2289
Daily Pivot Point R3	1.2398

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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