- 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
|Today last price||1.3044|
|Today Daily Change||-4 pips|
|Today Daily Change %||-0.03%|
|Today daily open||1.3048|
|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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