GBP/USD Price Analysis: Bounces off 200-HMA inside short-term rising channel

  • GBP/USD fails to extend Friday’s losses while staying beyond 1.2900 mark.
  • Normal RSI, bullish chart pattern offer additional clues for the bulls to watch.
  • Sellers may eye the monthly low on conquering the channel’s support.

GBP/USD print mild gains around 1.2930 during the initial Asian trading on Monday. The Cable recently picked up bids after taking a U-turn from 200-HMA. While considering the normal RSI conditions and the latest bounce, not to forget a one-week-old ascending trend channel formation, the quote is likely to print further recovery.

In doing so, 1.2945/50 and 1.2975 may offer immediate resistance to the buyers ahead of Friday’s top near the 1.3000 threshold.

During the quote’s run-up beyond 1.3000, 50% Fibonacci retracement of September 04-11 downside, at 1.3040, can become GBP/USD buyers’ favorite ahead of the resistance line of the aforementioned rising channel, currently around 1.3055.

Alternatively, the lower line of the channel, at 1.2900, can add a floor to the pair’s downside below the 200-HMA level of 1.2911.

Though, GBP/USD weakness below 1.2900 may attack the monthly bottom surrounding 1.2765/60.

GBP/USD hourly chart

Trend: Further recovery expected

Additional important levels

Today last price 1.2932
Today Daily Change 16 pips
Today Daily Change % 0.12%
Today daily open 1.2916
Daily SMA20 1.3099
Daily SMA50 1.2999
Daily SMA100 1.2716
Daily SMA200 1.273
Previous Daily High 1.3
Previous Daily Low 1.2915
Previous Weekly High 1.3007
Previous Weekly Low 1.2777
Previous Monthly High 1.3396
Previous Monthly Low 1.2982
Daily Fibonacci 38.2% 1.2947
Daily Fibonacci 61.8% 1.2967
Daily Pivot Point S1 1.2887
Daily Pivot Point S2 1.2858
Daily Pivot Point S3 1.2802
Daily Pivot Point R1 1.2972
Daily Pivot Point R2 1.3029
Daily Pivot Point R3 1.3057



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD drops below 1.1850 amid growing covid concerns

EUR/USD has dropped under 1.1850 as European coronavirus cases hit records. France exceeded 50K daily cases and Spain announced a state of emergency. US fiscal stimulus talks remain stuck ahead of the elections. 


GBP/USD pressured towards 1.3000 amid downbeat market mood

GBP/USD has been extending its losing streak amid a surge in COVID-19 cases in the UK and elsewhere. Investors are shrugging off reports of progress in Brexit talks. 


XAU/USD recovers early lost ground to seven-day lows, back above $1900 mark

Gold reversed an early dip to the $1891 region, or seven-day lows and refreshed daily tops during the mid-European session, albeit lacked any strong follow-through.

Gold News

Bitcoin vs gold: Safe haven battle

A new idea has been floating around in Safe Haven Trading. Well, it’s not entirely new, but it’s quite controversial to say the least. For the longest time, gold has been considered to be the purest form of safe haven trading. 

Read more

WTI tumbles to fresh lows near $38.00 on demand, supply concerns

Prices of the barrel of the American benchmark for the sweet light crude oil trade on the defensive at the beginning of the week around the $38.50/40 band.

Oil News