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GBP/USD Price Analysis: Bearish harami confirmed as Pound slumps below 1.2700

GBP/USD drops to 1.2683, marking a new four-week low of 1.2656 amidst risk aversion.
Technical outlook: Bearish momentum as RSI falls below 50; potential support at 1.2643/38, 50-DMA at 1.2611, and 200-DMA at 1.2547.
Resistance at 1.2700; if breached, expect consolidation in the range of 1.2700-1.2750.

Christian Borjon Valencia FXStreet

The Pound Sterling dropped sharply below the 1.2700 figure as risk aversion took its toll on most G7 currencies, except for safe-haven peers like the Greenback. Political turmoil in Europe sent the Euro collapsing against the Swiss Franc, while the GBP/USD falls 0.62% and traded at 1.2683 at the time of writing.

GBP/USD Price Analysis: Technical outlook

From a technical standpoint, the GBP/USD has shifted neutral to downward biased, with momentum hinting that sellers are gathering traction. The Relative Strength Index (RSI) has fallen below 50, turning bearish, while price action shows the pair printed a new four-week low of 1.2656, opening the door for additional losses.

If GBP/USD pierces the confluence of the 100-day moving average (DMA) and May 3 swing high turned support at around 1.2643/38, that would accelerate the downtrend, exposing the 50-DMA at 1.2611, ahead of 1.2600. Further losses are seen below the figure, with the 200-DMA at 1.2547 up next.

Conversely, if buyers moved in and reclaim 1.2700, the GBP/USD could consolidate at around 1.2700-1.2750, as stir resistance lies ahead.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview

Today last price

1.2683

Today Daily Change

-0.0079

Today Daily Change %

-0.62

Today daily open

1.2762

Trends

Daily SMA20

1.2744

Daily SMA50

1.2612

Daily SMA100

1.264

Daily SMA200

1.255

Levels

Previous Daily High

1.2808

Previous Daily Low

1.2738

Previous Weekly High

1.2818

Previous Weekly Low

1.2695

Previous Monthly High

1.2801

Previous Monthly Low

1.2446

Daily Fibonacci 38.2%

1.2765

Daily Fibonacci 61.8%

1.2781

Daily Pivot Point S1

1.2731

Daily Pivot Point S2

1.27

Daily Pivot Point S3

1.2662

Daily Pivot Point R1

1.2801

Daily Pivot Point R2

1.2839

Daily Pivot Point R3

1.287

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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