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18 Feb 2019

GBP/USD Technical Analysis: Bulls gearing up for a move towards reclaiming 1.30 handle

   •  On Friday, the pair convincingly broke through a confluence hurdle comprising of the top end of a 2-1/2 week old descending trend-channel and 50-period SMA on the 4-hourly chart.

   •  The fact that intraday dip back closer to the mentioned resistance break-points was quickly bought into reinforces the constructive set-up and support prospects for further near-term gains.

   •  Moreover, given that technical indicators on the daily chart have just started gaining positive traction and hold in the bullish territory on hourly charts add credence to the bullish outlook.

   •  Hence, the pair remains poised to extend the momentum towards reclaiming the key 1.30 psychological mark, albeit weakness below session lows would invalidate the expected move.

GBP/USD 4-hourly chart

Levels to Watch

Overview:
    Today Last Price: 1.2917
    Today Daily change %: 0.19%
    Today Daily Open: 1.2892
Trends:
    Daily SMA20: 1.2992
    Daily SMA50: 1.2824
    Daily SMA100: 1.2878
    Daily SMA200: 1.3007
Levels:
    Previous Daily High: 1.2898
    Previous Daily Low: 1.2785
    Previous Weekly High: 1.2959
    Previous Weekly Low: 1.2773
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.2855
    Daily Fibonacci 61.8%: 1.2828
    Daily Pivot Point S1: 1.2818
    Daily Pivot Point S2: 1.2745
    Daily Pivot Point S3: 1.2705
    Daily Pivot Point R1: 1.2932
    Daily Pivot Point R2: 1.2972
    Daily Pivot Point R3: 1.3045

 

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