GBP/USD Technical Analysis: Set-up suggests some dip-buying to emerge near 1.30 mark, NFP in focus
|• The pair held on to its weaker tone through the mid-European session and is currently placed at the lower end of its daily trading range, flirting with the very important 200-day SMA.
• Dismal UK manufacturing PMI-led intraday fall below the 1.3100 handle, and 200-hour SMA was seen as a key trigger for intraday bearish traders and prompted some additional long-unwinding trade.
• Meanwhile, the recent decline since the beginning of this week has been along a short-term descending trend channel and is further reinforced by bearish technical indicators on hourly charts.
• However, oscillators on the daily chart maintained their bullish bias and support prospects for some dip-buying near the trend-channel support, or ahead of the key 1.30 psychological mark.
• Hence, it would be prudent to wait for a convincing break through the mentioned handle before confirming that the pair might have actually topped out and positioning for any further decline.
GBP/USD 1-hourly chart
GBP/USD
Overview:
Today Last Price: 1.3054
Today Daily change %: -0.47%
Today Daily Open: 1.3116
Trends:
Daily SMA20: 1.2938
Daily SMA50: 1.2789
Daily SMA100: 1.2901
Daily SMA200: 1.3046
Levels:
Previous Daily High: 1.3161
Previous Daily Low: 1.3098
Previous Weekly High: 1.3214
Previous Weekly Low: 1.283
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.3137
Daily Fibonacci 61.8%: 1.3122
Daily Pivot Point S1: 1.3089
Daily Pivot Point S2: 1.3061
Daily Pivot Point S3: 1.3025
Daily Pivot Point R1: 1.3152
Daily Pivot Point R2: 1.3189
Daily Pivot Point R3: 1.3216
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