Home GBP/USD technical analysis: Upside remains capped by 1.2815/20
FXStreet News

GBP/USD technical analysis: Upside remains capped by 1.2815/20

  • Immediate channel’s upper-line, 4H 200MA and May month extreme levels constitute upside resistance.
  • Break of the nearby channel can recall 1.2620 as a quote.

Despite lack of momentum, a 12-day long ascending trend-channel portrays the GBP/USD pair’s strength as it trades near 1.2720 ahead of the London open on Wednesday.

With this, the pair can keep being a strong contestant to aim for 1.2760/65 and 38.2% Fibonacci retracement level of 1.2800.

However, 200-bar moving average (4H 200MA), resistance-line of the channel and extreme levels of late-May could restrict the pair’s additional rise around 1.2815/20.

Should buyers dominate past-1.2820, 1.2900 and 61.8% Fibonacci retracement near 1.2945 could be their next bets.

On the downside break of channel support, at 1.2680, may trigger the pair’s pullback to 1.2655 and then to a recent low around 1.2620.

GBP/USD 4-Hour chart

Trend: Bearish

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.