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GBP/USD Price Analysis: Pound corrects below 1.3100 ahead of FOMC

  • GBP/USD is extending the correction down below the 1.3100 handle.
  • The level to beat for sellers is the 1.3068 support level. 
 

GBP/USD daily chart 

 
GBP/USD is starting 2020 by retracing down rejecting the 1.3300 handle. As the market seems to create a lower high, the correction down could extend towards the 1.3000 and 1.2900 handles. The FOMC at 19:00 GMT can lead to high volatility in USD-related currency pairs.
  

GBP/USD four-hour chart

 
The market is under selling pressure below the 1.3100 handle and the 50/100 SMAs. As the sellers are in control, the market will likely try to break below 1.3068 support and might continue to retrace down towards 1.3040, 1.2990 and 1.2950/32 price zone, according to the Technical Confluences Indicator. Bullish attacks could be limited near the 1.3110 and 1.3136 level. However, a daily break above the latter can lead to further potential gains towards the 1.3176 and 1.3220 levels.
  
 

Additional key levels

GBP/USD

Overview
Today last price 1.3088
Today Daily Change -0.0051
Today Daily Change % -0.39
Today daily open 1.3139
 
Trends
Daily SMA20 1.3122
Daily SMA50 1.2992
Daily SMA100 1.27
Daily SMA200 1.2692
 
Levels
Previous Daily High 1.327
Previous Daily Low 1.3115
Previous Weekly High 1.3119
Previous Weekly Low 1.2905
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3174
Daily Fibonacci 61.8% 1.3211
Daily Pivot Point S1 1.308
Daily Pivot Point S2 1.3021
Daily Pivot Point S3 1.2926
Daily Pivot Point R1 1.3234
Daily Pivot Point R2 1.3329
Daily Pivot Point R3 1.3388

 

 

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