GBP/USD Price Analysis: Bulls struggled to find acceptance above 100-hour EMA, back below 1.2300

GBP/USD failed to capitalize on the intraday positive move beyond 100-hour EMA.
The set-up warrants some caution before placing any aggressive directional bets.

Haresh Menghani FXStreet

The GBP/USD pair struggled to find acceptance above 100-hour EMA and has now retreated around 30-35 pips from daily swing highs, near the 1.2325 region.

This comes on the back of Friday's bearish break through the lower end of a one-week-old trading range and points to the emergence of some fresh selling pressure.

Meanwhile, mixed technical indicators on hourly/daily charts haven’t been supportive of a firm near-term direction and warrant some caution for aggressive traders.

Given that the pair has been attracting some dip-buying ahead of the 1.2200 mark, bearish bears are likely to wait for a convincing break below the mentioned handle.

Below the mentioned handle, the pair might turn vulnerable and seems more likely to accelerate the slide further towards testing sub-1.2100 levels in the near-term.

On the other hand, a sustained strength above the 1.2350-60 region might be seen as a key trigger for bullish traders and prompt some short-covering move.

The pair then might aim towards reclaiming the 1.2400 round-figure mark before eventually darting towards its next major hurdle near the 1.2475-80 supply zone.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2283
Today Daily Change	0.0013
Today Daily Change %	0.11
Today daily open	1.227

Trends
Daily SMA20	1.2224
Daily SMA50	1.2667
Daily SMA100	1.2862
Daily SMA200	1.2661

Levels
Previous Daily High	1.2408
Previous Daily Low	1.2205
Previous Weekly High	1.2476
Previous Weekly Low	1.2205
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2283
Daily Fibonacci 61.8%	1.2331
Daily Pivot Point S1	1.2181
Daily Pivot Point S2	1.2092
Daily Pivot Point S3	1.1978
Daily Pivot Point R1	1.2384
Daily Pivot Point R2	1.2497
Daily Pivot Point R3	1.2587

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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