GBP/USD Price Analysis: Doji near 200-bar SMA questions further upside


  • GBP/USD steps back from seven-day high.
  • A bearish candlestick formation may recall sub-1.3000 area.
  • Bullish MACD raises doubts about the pattern.

GBP/USD pullback to 1.3045 during Friday’s Asian session. The quote surged to the highest since February the previous day but a bearish candlestick formation around the key SMA resistance seems to question further upside.

That said, sellers are again targeting 1.3000 marks whereas an upward sloping trend line from February 10, at 1.2965, could restrict the pair’s further downside.

Should there be additional weakness below 1.2965, the pair’s drop to the monthly bottom surrounding 1.2870 can’t be ruled out.

Meanwhile, an upside clearance of 1.3070 will negate the bearish candlestick formation and could propel the quote towards 1.3140 ahead of aiming for late-January top close to 1.3210.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.3044
Today Daily Change -4 pips
Today Daily Change % -0.03%
Today daily open 1.3048
 
Trends
Daily SMA20 1.3024
Daily SMA50 1.3073
Daily SMA100 1.2921
Daily SMA200 1.2692
 
Levels
Previous Daily High 1.307
Previous Daily Low 1.2944
Previous Weekly High 1.3184
Previous Weekly Low 1.2882
Previous Monthly High 1.3281
Previous Monthly Low 1.2954
Daily Fibonacci 38.2% 1.3022
Daily Fibonacci 61.8% 1.2992
Daily Pivot Point S1 1.2972
Daily Pivot Point S2 1.2895
Daily Pivot Point S3 1.2846
Daily Pivot Point R1 1.3098
Daily Pivot Point R2 1.3147
Daily Pivot Point R3 1.3224

 

 

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