Fri. Jul 12th, 2024

GBP/USD PRICE ANALYSIS: HOVERS AROUND 1.2750 AHEAD OF UK GDP

GBP/USD United Kingdom pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.GBP/USD pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.
  • GBP/USD may gain ground as technical analysis suggests a bullish bias for the pair.
  • The momentum indicator MACD suggests confirmation of a bullish trend for the pair.
  • The pair may find immediate support at the 21-day EMA at 1.2712, followed by the lower boundary of the ascending channel at 1.2700.

The GBP/USD pair consolidates near 1.2750 during the Asian session on Wednesday. The pair maintains its position within an ascending channel pattern on the daily chart, with the 14-day Relative Strength Index (RSI) above the 50 level, indicating a bullish bias.

Furthermore, the Moving Average Convergence Divergence (MACD) momentum indicator reinforces the bullish trend. The MACD line is above the centerline and diverges above the signal line, suggesting further upward movement.

In terms of resistance, the psychological level of 1.2800 poses a significant barrier. A breakthrough above this level could propel the GBP/USD pair toward testing the upper boundary of the ascending channel around 1.3000.

To the downside, initial support is evident at the 21-day Exponential Moving Average (EMA) situated at 1.2715, with further support lying at the lower boundary of the ascending channel around 1.2700. Should the GBP/USD pair breach this level, it might encounter additional pressure, potentially testing the vicinity of the throwback support at 1.2450.

GBP/USD: Daily Chart

GBP/USD

Overview
Today last price1.274
Today Daily Change0.0000
Today Daily Change %0.00
Today daily open1.274
Trends
Daily SMA201.2734
Daily SMA501.2606
Daily SMA1001.2639
Daily SMA2001.2547
Levels
Previous Daily High1.2752
Previous Daily Low1.2706
Previous Weekly High1.2818
Previous Weekly Low1.2695
Previous Monthly High1.2801
Previous Monthly Low1.2446
Daily Fibonacci 38.2%1.2734
Daily Fibonacci 61.8%1.2723
Daily Pivot Point S11.2713
Daily Pivot Point S21.2687
Daily Pivot Point S31.2668
Daily Pivot Point R11.2759
Daily Pivot Point R21.2778
Daily Pivot Point R31.2805

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