GBP/USD finds support above 1.3630 on Friday, ends week higher


  • Pound weakens after hitting multi-year highs versus dollar.
  • GBP/USD continues to be unable to hold firmly above 1.3700.

The GBP/USD dropped further and bottomed at 1.3634, the lowest level in two days. Then it rebounded as US stocks trimmed losses and climbed to 1.3680. It is about to end the week hovering around 1.3660, up 80 pips from last week close.

The pound lost momentum after being unable again to hold above 1.3700. A stronger US dollar and a rally in EUR/GBP contributed to the retreat in GBP/USD.

Economic data from the US came in better-than-expected. Existing home sales climbed to the highest level in 14 years, and the flash estimate of the Markit PMIs rose unexpectedly. The data did not boost the greenback and helped equity markets. In Wall Street, the Dow Jones is falling by 0.54% and the Nasdaq 0.22%. Both indexes are off lows.

From a technical perspective, GBP/USD remains in a bullish trend. The pound continues to show difficulties in breaking and holding above 1.3700. It needs to consolidate above to clear the way to more gains, while below the odds of a more significant bearish correction will raise.

Technical levels

GBP/USD

Overview
Today last price 1.367
Today Daily Change -0.0068
Today Daily Change % -0.49
Today daily open 1.3738
 
Trends
Daily SMA20 1.3605
Daily SMA50 1.3463
Daily SMA100 1.3216
Daily SMA200 1.2936
 
Levels
Previous Daily High 1.3746
Previous Daily Low 1.3652
Previous Weekly High 1.371
Previous Weekly Low 1.3451
Previous Monthly High 1.3686
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.371
Daily Fibonacci 61.8% 1.3688
Daily Pivot Point S1 1.3678
Daily Pivot Point S2 1.3618
Daily Pivot Point S3 1.3584
Daily Pivot Point R1 1.3772
Daily Pivot Point R2 1.3806
Daily Pivot Point R3 1.3866

 

 

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