GBP/USD Price Analysis: Latest fall from 1.2250 directs bears toward 100-HMA
|- GBP/USD drops to two-day low while extending pullback from 1.2250.
- Bearish MACD keeps sellers hopeful to refresh monthly low.
- Buyers will look for entry beyond 1.2300.
GBP/USD declines to 1.2217, down 0.20% on a day, after refreshing the two-day low by 1.2207 during Thursday’s Asian session. In doing so, the Cable extends its U-turn from the session start the top of 1.2250, not to forget magnifying the pair’s failure to cross 1.2300 during the current week.
That said, bearish MACD also favors the pair’s further fall toward a 100-HMA level of 1.2200, a break of which could drag it further down to 23.6% Fibonacci retracement of May 08-17 fall, around 1.2170/65.
During the pair’s extended fall below 1.2165, 1.2120 and the monthly low of 1.2075 will be on the sellers’ radars.
Alternatively, the pair’s pullback moves need to cross 1.2300 to challenge 61.8% Fibonacci retracement level of 1.2320 and aim for March 12 top near 1.2380.
GBP/USD hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.