- GBP/USD drops 100-pips after rising to 1.2919 at the week’s start.
- Bearish MACD favors the sellers, 50% of Fibonacci retracement can offer immediate support.
- Bulls await a clear break of August month’s low to confirm entries.
GBP/USD prints 0.20% intraday loss while declining to 1.2820 during Tuesday’s Asian trading. In doing so, the Cable defies the previous day’s recovery moves amid downbeat MACD signals.
The bearish momentum also takes clues from the pair’s inability to cross the previous month’s low during the latest run-up.
As a result, sellers are currently targeting a 50% Fibonacci retracement of May-September upside, near 1.2780. However, a 200-day EMA level of 1.2751 will question the bears afterward.
Should the quote remains weak past-1.2751, the early-July top near 1.2670 may return to the chart.
On the contrary, a successful break of August month’s low near 1.2980 becomes necessary to convince the buyers before directing them to the 1.3000 threshold.
GBP/USD daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.2836|
|Today Daily Change||-11 pips|
|Today Daily Change %||-0.09%|
|Today daily open||1.2847|
|Previous Daily High||1.2919|
|Previous Daily Low||1.2777|
|Previous Weekly High||1.3279|
|Previous Weekly Low||1.2763|
|Previous Monthly High||1.3396|
|Previous Monthly Low||1.2982|
|Daily Fibonacci 38.2%||1.2865|
|Daily Fibonacci 61.8%||1.2831|
|Daily Pivot Point S1||1.2776|
|Daily Pivot Point S2||1.2705|
|Daily Pivot Point S3||1.2634|
|Daily Pivot Point R1||1.2919|
|Daily Pivot Point R2||1.299|
|Daily Pivot Point R3||1.3061|
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