GBP/USD Price Analysis: Buyers and sellers jostle below 1.2300

GBP/USD looks for clear directions amid broad bearish trend.
Monday’s candlestick suggesting a trend reversal, oversold RSI question the sellers.
Buyers will wait for a sustained break of 200-day SMA for entry.

Anil Panchal FXStreet

Having flashed a Doji candlestick formation on the daily (D1) chart, GBP/USD seesaws near 1.2270 during the Asian session on Tuesday.

The Cable searches for the clear catalyst as bearish MACD signals and trading below 200-day SMA keeps the sellers in command whereas a candlestick formation indicating trend reversal and oversold RSI pushes the buyers to look for entry.

Monday’s top near 1.2425 and 61.8% Fibonacci retracement of the pair’s September-December 2019 upside, around 1.2555, can offer nearby resistances to the quote ahead of 200-day SMA level of 1.2700.

In a case where the bulls manage to conquer 1.2700, November 2019 bottom surrounding 1.2820 will be on their radars.

Meanwhile, October 219 low near 1.2195 holds the key to the pair’s further downside, which if broken could drag the quote towards 1.2100 and then to September 2019 low surrounding 1.1960.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2267
Today Daily Change	-10 pips
Today Daily Change %	-0.08%
Today daily open	1.2277

Trends
Daily SMA20	1.2873
Daily SMA50	1.2972
Daily SMA100	1.2985
Daily SMA200	1.2708

Levels
Previous Daily High	1.2625
Previous Daily Low	1.2264
Previous Weekly High	1.3201
Previous Weekly Low	1.2264
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2402
Daily Fibonacci 61.8%	1.2487
Daily Pivot Point S1	1.2153
Daily Pivot Point S2	1.2028
Daily Pivot Point S3	1.1792
Daily Pivot Point R1	1.2513
Daily Pivot Point R2	1.2749
Daily Pivot Point R3	1.2874

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.

EUR/USD rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

Markets attempt to rally on positive news from Iran

There’s been an abrupt change in sentiment this morning, European stock markets are higher and oil and gas prices are moderating, after comments from Iran’s deputy minister about pre-conflict talks between Iran and the US.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.