GBP/USD Technical Analysis: Move beyond 1.2600 handle might still be seen as a selling opportunity
|• The pair dropped a fresh 20-month low but once again managed to find decent support near 61.8% Fibonacci expansion level of Monday's steep decline and subsequent early rebound in the previous session.
• The strong intraday recovery helped clear a descending trend-line on the 1-hourly chart and lifted the pair further beyond 23.6% Fibonacci retracement level of Monday's sharp fall, closer to the 1.2600 l;evel.
• Technical indicators on the 1-hourly chart have been gaining positive traction and also recovering from the bearish territory on the 4-hourly chart though are yet to catch up with the momentum on the daily chart.
• Hence, any subsequent up-move beyond the 1.2600 level would be seen as an opportunity to initiate some fresh bearish positions amid persistent Brexit uncertainties and the recent UK political developments.
GBP/USD 1-hourly chart
GBP/USD
Overview:
Today Last Price: 1.2564
Today Daily change: 67 pips
Today Daily change %: 0.536%
Today Daily Open: 1.2497
Trends:
Previous Daily SMA20: 1.2769
Previous Daily SMA50: 1.2913
Previous Daily SMA100: 1.2946
Previous Daily SMA200: 1.3275
Levels:
Previous Daily High: 1.2639
Previous Daily Low: 1.2481
Previous Weekly High: 1.284
Previous Weekly Low: 1.2659
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2542
Previous Daily Fibonacci 61.8%: 1.2579
Previous Daily Pivot Point S1: 1.2439
Previous Daily Pivot Point S2: 1.2381
Previous Daily Pivot Point S3: 1.2281
Previous Daily Pivot Point R1: 1.2598
Previous Daily Pivot Point R2: 1.2698
Previous Daily Pivot Point R3: 1.2756
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.