“¢ The pair built on its intraday recovery move and caught some aggressive bids in the last hour on news that the UK Cabinet is said to expect backstop text to be completed today.
“¢ A sustained move beyond a confluence region, comprising of 50-hour SMA and 23.6% Fibonacci retracement level of the 1.3175-1.2827 recent slump, was seen as a key trigger for bullish traders.
“¢ A follow-through up-move beyond 38.2% Fibonacci retracement level, helping the pair to close the weekly bearish gap, indicates that the pair might have already formed a temporary base.
“¢ Technical indicators on the 1-hourly chart have started moving into overbought territory but are yet to catch up with the positive momentum on 4-hourly/daily charts, warranting some caution.
“¢ Hence, any subsequent up-move seems more likely to confront some fresh supply near the key 1.30 psychological mark – coinciding with 100-hour SMA and 50% Fibonacci retracement level.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.2952
Daily change: 99 pips
Daily change: 0.770%
Daily Open: 1.2853
Trends:
Daily SMA20: 1.2963
Daily SMA50: 1.3032
Daily SMA100: 1.303
Daily SMA200: 1.3396
Levels:
Daily High: 1.2948
Daily Low: 1.2827
Weekly High: 1.3176
Weekly Low: 1.2958
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.2874
Daily Fibonacci 61.8%: 1.2902
Daily Pivot Point S1: 1.2804
Daily Pivot Point S2: 1.2755
Daily Pivot Point S3: 1.2683
Daily Pivot Point R1: 1.2925
Daily Pivot Point R2: 1.2997
Daily Pivot Point R3: 1.3046
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