GBP/USD Technical Analysis: minor correction likely before further gains

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The GBP/USD pair closed well above the psychological hurdle of 1.30 yesterday, strengthening the case for a near-term rally to 1.3175 (Nov. 7 high). The intraday charts, however, indicate a pullback could be in the offing before a rally to 1.3175 unfolds. 

Hourly chart

The RSI on the hourly chart has diverged in favor of the bears and could soon find acceptance below the ascending trendline. 

The RSI on the 4-hour chart is also reporting overbought conditions above 70.00. 

The pair, therefore, could consolidate or fall back to the rising trendline on the hourly chart, currently at 1.3030 before building on the breakout above 1.30 seen yesterday.

Trend: bullish, but minor correction likely

GBP/USD

Overview:
    Today Last Price: 1.3074
    Today Daily change: 0.0002 pips
    Today Daily change %: 0.02%
    Today Daily Open: 1.3072
Trends:
    Daily SMA20: 1.2807
    Daily SMA50: 1.2752
    Daily SMA100: 1.2894
    Daily SMA200: 1.3073
Levels:
    Previous Daily High: 1.3081
    Previous Daily Low: 1.2941
    Previous Weekly High: 1.3002
    Previous Weekly Low: 1.2668
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Daily Fibonacci 38.2%: 1.3028
    Daily Fibonacci 61.8%: 1.2995
    Daily Pivot Point S1: 1.2982
    Daily Pivot Point S2: 1.2891
    Daily Pivot Point S3: 1.2842
    Daily Pivot Point R1: 1.3122
    Daily Pivot Point R2: 1.3172
    Daily Pivot Point R3: 1.3262

 

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