FX.co ★ SuiiFX | GBP/USD

GBPUSD Daily Chart Analysis: The daily pivot point of 1.34567, which will be a prominent range for buyers and might support the 50% Fibonacci retracement at 1.35367 further strength, may be the last level of resistance for the GBP/USD pair, which is now trading around 1.33867. The 25-day and 50-day moving averages at 1.36767 will be broken in early trading by price action and response to the Bollinger Bands' center line movement. The shrinking of the upper band strengthens the argument for a possible impending rise, but in the medium term, the prices seem to be trapped in a confined range. These days, short-term oscillators indicate near-term hazards that are skewed upward. In particular, the MACD histogram is returning to a sideways range below its red trigger midline at 1.33857, while the RSI broke below the 50 neutral threshold. If negative momentum intensifies and prices maintain bearish pressure, the 1.33087 clusters may provide immediate support. Conversely, a breach of the 100-day moving average may be followed by a breach of the weekly and daily pivot point at 1.37867 if buyers exert pressure on the current and optimistic attitude. In order to further alter the US index exchange rate and breach fresh support or resistance around 1.32647-1.38867, traders must get confirmation signals and wait for the ISMI service data. Bullish activity may push the pair into the immediate resistance level of 1.34827 on the 4-hour time frame, and a stronger response to the creation of a bullish harmonic triangle pattern could push the price to around 1.35367. In the event of a strong break above this horizon, sellers would be completely eliminated, and prices would continue to rise beyond the neutral bottom at 1.37167. The 38.8% Fibonacci retracement level and the leading indication of moving price action are now experiencing a little downward correction and a significant dip below the 20-day EMA that may hasten the slide. The price will rise around 1.40757 because of the present legislative stability and the significant differential in the US index rate. However, in the next session of the week, a persistent break above the 20 and 40-day SMA at 1.33297 will prolong the correction to support at 1.32367.