GBP/USD Price Analysis: 200-HMA probes break of two-week-old trendline under 1.2600

GBP/USD attempts recovery from a four-day low of 1.2550.
Oversold RSI conditions, key HMA increase odds of the pullback.
Sellers may aim for July 08 low during further downside.

Anil Panchal FXStreet

GBP/USD keeps the early-day bounce off 1.2550 while trading around 1.2560 ahead of the Tokyo open on Tuesday. Although the break of a two-week-old rising trend line dragged the quote to a four-day low, 200-HMA gain supports from oversold RSI conditions to challenge the bears.

As a result, the quote’s bounce to regain 1.2600 can’t be ruled out. However, any further upside depends upon how well the buyers manage to conquer 1.2665/70 area comprising highs marked on Thursday and Monday.

Should the bulls successfully clear 1.2670 resistance, 1.2715 and June month top near 1.2815 will be on their radars.

Meanwhile, a downside break below 200-HMA level of 1.2545 will attack 1.2500 round-figures to portray the bears’ dominance.

Though, July 03 low near 1.2435 will be the key during the quote’s additional weakness. The reason is that it holds the gate for the further south-run towards the sub-1.2400 area.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2559
Today Daily Change	-63 pips
Today Daily Change %	-0.50%
Today daily open	1.2622

Trends
Daily SMA20	1.2483
Daily SMA50	1.2432
Daily SMA100	1.2437
Daily SMA200	1.2699

Levels
Previous Daily High	1.2664
Previous Daily Low	1.2567
Previous Weekly High	1.267
Previous Weekly Low	1.2463
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2627
Daily Fibonacci 61.8%	1.2604
Daily Pivot Point S1	1.2571
Daily Pivot Point S2	1.252
Daily Pivot Point S3	1.2474
Daily Pivot Point R1	1.2668
Daily Pivot Point R2	1.2715
Daily Pivot Point R3	1.2766

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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