GBP/USD Price Analysis: Drops to multi-day lows around 1.2160 level, lacks follow-through

GBP/USD once again fails near the 200-hour SMA/descending channel confluence resistance.
Mixed oscillators on daily/hourly charts warrant some caution before placing directional bets.

Haresh Menghani FXStreet

The GBP/USD pair continued with its struggle to move back above the 200-hour SMA and turned lower for the third consecutive session on Friday. The intraday pullback from a resistance marked by the top end of an ascending trend-channel formation on the 1-hourly chart dragged the pair to multi-day lows around the 1.2160 region in the last hour.

The intraday downward bias was reinforced by bearish oscillators on 4-hourly/daily charts. However, technical indicators on the daily charts have moved on the verge of breaking into overbought territory and warrant some caution. Hence, any subsequent slide is likely to remain limited near the trend-channel support, around the 1.2140 region.

Meanwhile, any attempted recovery might continue to confront some fresh supply near the mentioned confluence hurdle, currently around the 1.2225 region. This is followed by 50-day SMA, near the 1.2270 region, which if cleared decisively, might be seen as a fresh trigger for bullish traders and prompt some near-term short-covering move.

The pair might then look to surpass the 1.2290-1.2300 region and aim to test the 1.2340 resistance zone. Some follow-through buying has the potential to lift the pair further towards the 1.2400 round-figure mark en-route the next major hurdle near the 1.2465-70 zone.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2177
Today Daily Change	-0.0046
Today Daily Change %	-0.38
Today daily open	1.2223

Trends
Daily SMA20	1.2344
Daily SMA50	1.2276
Daily SMA100	1.2632
Daily SMA200	1.2666

Levels
Previous Daily High	1.225
Previous Daily Low	1.2186
Previous Weekly High	1.2438
Previous Weekly Low	1.2102
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.221
Daily Fibonacci 61.8%	1.2225
Daily Pivot Point S1	1.2189
Daily Pivot Point S2	1.2156
Daily Pivot Point S3	1.2125
Daily Pivot Point R1	1.2253
Daily Pivot Point R2	1.2283
Daily Pivot Point R3	1.2317

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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