GBP/USD Technical Analysis: Intraday upsurge stalls near a support turned resistance
• The pair's goodish intraday upsurge stalled at a previous horizontal support, now turned resistance, around the 1.2800 handle, coinciding with 38.2% Fibo. level of the 1.2927-1.2725 downfall.
• This is followed by important intraday moving averages (100 & 200-hour SMA) confluence hurdle and should continue to collaborate towards keeping a lid on any follow-through positive momentum.
• Meanwhile, technical indicators on the 1-hourly chart have already recovered from the bearish territory but are yet to catch up with the positive momentum on 4-hourly and daily charts.
• Hence, it would be prudent to wait for a convincing break through the mentioned hurdles before confirming that the pair might have already formed a firm base near the 1.2725 region (monthly lows).
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.279
Today Daily change: 56 pips
Today Daily change %: 0.440%
Today Daily Open: 1.2734
Trends:
Previous Daily SMA20: 1.2906
Previous Daily SMA50: 1.2992
Previous Daily SMA100: 1.299
Previous Daily SMA200: 1.3335
Levels:
Previous Daily High: 1.2836
Previous Daily Low: 1.2725
Previous Weekly High: 1.2928
Previous Weekly Low: 1.2764
Previous Monthly High: 1.326
Previous Monthly Low: 1.2696
Previous Daily Fibonacci 38.2%: 1.2767
Previous Daily Fibonacci 61.8%: 1.2793
Previous Daily Pivot Point S1: 1.2694
Previous Daily Pivot Point S2: 1.2654
Previous Daily Pivot Point S3: 1.2584
Previous Daily Pivot Point R1: 1.2805
Previous Daily Pivot Point R2: 1.2875
Previous Daily Pivot Point R3: 1.2915