“¢ 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
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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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