GBP/USD Price Analysis: Clings to 100-HMA above 1.2000 with eyes on UK PMI

GBP/USD struggles for clear directions after tepid week-start, fails to extend Friday’s bounce off multi-day low.
Sluggish oscillators, key HMAs challenge bulls ahead of 13-day-old resistance line.
Bears need sustained trading below 1.1920-15 to retake control.

Anil Panchal FXStreet

GBP/USD remains sidelined near 1.2040 during the early hours of Tuesday’s Asian session, extending Monday’s inaction.

In doing so, the Cable pair seesaws around the 100-Hour Moving Average (HMA) amid the trader’s cautious mood ahead of the first readings of the UK Purchasing Managers Indexes (PMI) for February.

Not only the 100-HMA level surrounding 1.2040 but the 200-HMA level surrounding 1.2075 also challenges the GBP/USD pair buyers.

Following that, a downward-sloping resistance line from February 02, close to 1.2125 at the latest, will be important to watch as a break of which could convince GBP/USD buyers to challenge the monthly high surrounding the 1.2400 threshold. During the run-up, the previous weekly high near 1.2270 may act as an intermediate halt.

Meanwhile, the 1.2000 psychological maget precedes the 1.1960 support to restrict short-term GBP/USD downside.

However, the recent low near 1.1920-15 joins an upward-sloping support line from mid-November 2022 to act as a tough nut to crack for the GBP/USD bears to conquer.

To sum up, GBP/USD remains tight-lipped ahead of the key UK data. However, the sluggish oscillators and multiple hurdles to the north keep sellers hopeful.

GBP/USD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.2038
Today Daily Change	-0.0006
Today Daily Change %	-0.05%
Today daily open	1.2044

Trends
Daily SMA20	1.2197
Daily SMA50	1.2174
Daily SMA100	1.1903
Daily SMA200	1.194

Levels
Previous Daily High	1.2049
Previous Daily Low	1.1915
Previous Weekly High	1.227
Previous Weekly Low	1.1915
Previous Monthly High	1.2448
Previous Monthly Low	1.1841
Daily Fibonacci 38.2%	1.1998
Daily Fibonacci 61.8%	1.1966
Daily Pivot Point S1	1.1956
Daily Pivot Point S2	1.1869
Daily Pivot Point S3	1.1822
Daily Pivot Point R1	1.209
Daily Pivot Point R2	1.2137
Daily Pivot Point R3	1.2224

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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