GBP/USD Price Analysis: Consolidates losses below 61.8% Fibonacci retracement

GBP/USD bounces off seven-week low to regain 1.2800.
Oversold RSI conditions suggest further pullback below the key Fibonacci retracement level.
Early-July top, a descending trend line from September 04 offer near-term key support.

Anil Panchal FXStreet

GBP/USD picks up bids near 1.2810 during the early Asian trading on Monday. In doing so, the Cable trims the losses below the 61.8% Fibonacci retracement of July 14 to September 01 upside amid oversold RSI conditions.

While the pair’s current pullback may take clues from RSI to attack the key Fibonacci retracement level near 1.2865, July 27 top surrounding 1.2900 can question the buyers afterward.

Should the quote manages to cross 1.2900, 50% of Fibonacci retracement and 200-bar SMA, respectively around 1.2980 and 1.3130, can probe the bulls.

Meanwhile, 1.2760 and July 09 high near 1.2670 could restrict the pair’s further downside ahead of the one-week-old falling trend line around 1.2640.

If at all the bears dominate past-1.2640, the mid-July bottom of 1.2480 will gain market attention.

GBP/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2806
Today Daily Change	0.0010
Today Daily Change %	0.08%
Today daily open	1.2796

Trends
Daily SMA20	1.3157
Daily SMA50	1.2965
Daily SMA100	1.2694
Daily SMA200	1.2737

Levels
Previous Daily High	1.2866
Previous Daily Low	1.2763
Previous Weekly High	1.3279
Previous Weekly Low	1.2763
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2802
Daily Fibonacci 61.8%	1.2826
Daily Pivot Point S1	1.275
Daily Pivot Point S2	1.2705
Daily Pivot Point S3	1.2647
Daily Pivot Point R1	1.2853
Daily Pivot Point R2	1.2911
Daily Pivot Point R3	1.2957

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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