GBP/USD technical analysis: Nears 4-day old support-line amid bearish MACD
|- GBP/USD stays on the back foot while nearing the four-day-old rising trend-line.
- Bearish MACD favors a decline to 200-hour EMA.
A bearish signal from the 12-bar moving average convergence and divergence (MACD) indicator portrays the GBP/USD pair’s weakness as it seesaws around near-term key support-line while taking rounds to 1.2470 during early Monday.
The pair nears a four-day-old rising trend-line level of 1.2470 with a bearish MACD signal favoring further declines to 200-hour exponential moving average (EMA) level of 1.2434.
However, 61.8% Fibonacci retracement of pair’s run-up since September 09, at 1.2367, could limit further south-run, if not then 1.2280 and 1.2230 could gain bears’ attention.
Meanwhile, 1.2500, 1.2520 and recent high surrounding 1.2585 could please buyers unless the pair portrays decisive trading below near-term key support-line.
GBP/USD hourly chart
Trend: pullback expected
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.