GBP/USD Technical Analysis: Retreats from 4-month old descending trend-line hurdle
|• The pair struggled to build on the overnight strong upsurge to two-month tops and started retreating from a four-month-old descending trend-line resistance.
• The mentioned trend-line has acted as a key hurdle and capped every attempted up-move beyond 100-day SMA on several occasions since late-September.
GBP/USD daily chart
• Meanwhile, slightly overbought conditions on the 1-hourly chart seemed to be one of the key factors prompting traders to take some profits off the table.
• However, bullish oscillators on 4-hourly/daily chart might now attract some dip buying interest near the 1.2930 horizontal resistance break-point turned support.
1-hourly chart
• This is closely followed by the 1.2900 handle (100-DMA) and 100-hour SMA, around the 1.2880 region, which should act as key support in the near-term.
• Failure to defend the said support levels would reinforce the descending trend-line barrier and prompt some aggressive technical selling around the major.
GBP/USD
Overview:
Today Last Price: 1.2951
Today Daily change: -37 pips
Today Daily change %: -0.285%
Today Daily Open: 1.2988
Trends:
Daily SMA20: 1.275
Daily SMA50: 1.2752
Daily SMA100: 1.2892
Daily SMA200: 1.3099
Levels:
Previous Daily High: 1.3002
Previous Daily Low: 1.2832
Previous Weekly High: 1.2866
Previous Weekly Low: 1.2704
Previous Monthly High: 1.284
Previous Monthly Low: 1.2477
Daily Fibonacci 38.2%: 1.2937
Daily Fibonacci 61.8%: 1.2897
Daily Pivot Point S1: 1.288
Daily Pivot Point S2: 1.2771
Daily Pivot Point S3: 1.271
Daily Pivot Point R1: 1.3049
Daily Pivot Point R2: 1.311
Daily Pivot Point R3: 1.3219
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