GBP/USD Technical Analysis: Sluggish above 200-HMA, 50% Fibonacci
|- GBP/USD nears the key technical confluence.
- Bearish MACD indicates the return of early-week levels.
- A nine-day-old descending trend line restricts immediate upside.
GBP/USD stays modestly changed around 1.2915 during the Asian session on Friday.
The pair seesaws around 200-hour Simple Moving Average (HMA) and 50% Fibonacci retracement of the previous week’s decline, around 1.2900 mark.
Bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) portrays the pair’s latest sluggish momentum while also favoring declines to Tuesday’s top near 1.2870 on the downside break of 1.2900 support confluence.
Should prices manage to remain strong beyond 1.2900, the 61.8% Fibonacci retracement level of 1.2925 can restrict adjacent rise ahead of highlighting a downward sloping trend line since November 18, at 1.2945.
If bulls manage to cross 1.2945, the monthly high near 1.2985, 1.3000 round-figure and October month high around 1.3015 will be in focus.
GBP/USD hourly chart
Trend: Sideways
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