GBP/USD Price Analysis: Aims to revisit 200-hour SMA, immediate support trendline

GBP/USD pulls back from 50% Fibonacci retracement.
A two-week-old falling trend line adds to the resistance.
1.3000 round-figure will also play its role as the support.

Anil Panchal FXStreet

GBP/USD registers mild losses while trading around 1.3045 during Wednesday’s Asian session. The pair earlier reversed from 50% Fibonacci retracement of its fall from January 07 to 14.

With this, sellers eye 200-hour SMA level of 1.3030 as the immediate support ahead of the two-day-old rising trend line, at 1.3015. Also supporting the pair will be 1.3000 mark.

In a case where the bears dominate below 1.3000, the monthly low surrounding 1.2955 will return to the chart.

On the upside, pair’s break of 50% Fibonacci retracement, at 1.3085, needs to clear short-term falling resistance line, near 1.3105, to justify its strength in challenging 61.8% of Fibonacci retracement around 1.3115.

If at all prices remain strong beyond 1.3115, 1.3165 and 1.3200 could lure the bulls.

GBP/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3047
Today Daily Change	0.0040
Today Daily Change %	0.31%
Today daily open	1.3007

Trends
Daily SMA20	1.3072
Daily SMA50	1.3038
Daily SMA100	1.2805
Daily SMA200	1.269

Levels
Previous Daily High	1.3016
Previous Daily Low	1.2962
Previous Weekly High	1.312
Previous Weekly Low	1.2954
Previous Monthly High	1.3515
Previous Monthly Low	1.2896
Daily Fibonacci 38.2%	1.2995
Daily Fibonacci 61.8%	1.2983
Daily Pivot Point S1	1.2974
Daily Pivot Point S2	1.2941
Daily Pivot Point S3	1.292
Daily Pivot Point R1	1.3028
Daily Pivot Point R2	1.3049
Daily Pivot Point R3	1.3082

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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