GBP/USD Price Analysis: Eyes biggest monthly loss since July 2019

GBP/USD is on track to print the biggest monthly loss in seven months.
A monthly close under 1.2954 would confirm a bearish reversal.

Omkar Godbole FXStreet Contributor

GBP/USD is currently trading at 1.2887, representing a 2.39% drop on the opening rate of 1.3177 observed on Feb. 1.

The pair is on track to register its biggest monthly loss since July 2019. Back then, cable had dropped by 4.26%.

Focus on the monthly close

The pair created a hanging man/hammer candle in March, signaling buyer exhaustion and aborting the rally from September's low of 1.1958. If the pair ends the current month below 1.2954 (hanging man's low), the bias would turn bearish.

Essentially, it would mean another bearish lower high at 1.3515 has been established on the monthly chart and open the door for a re-test of lows seen in September.

Monthly chart

Trend: Bearish

Technical levels

GBP/USD

Overview
Today last price	1.2888
Today Daily Change	-0.0003
Today Daily Change %	-0.02
Today daily open	1.2891

Trends
Daily SMA20	1.2973
Daily SMA50	1.3028
Daily SMA100	1.2987
Daily SMA200	1.27

Levels
Previous Daily High	1.2946
Previous Daily Low	1.286
Previous Weekly High	1.3054
Previous Weekly Low	1.2849
Previous Monthly High	1.3281
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.2893
Daily Fibonacci 61.8%	1.2914
Daily Pivot Point S1	1.2852
Daily Pivot Point S2	1.2813
Daily Pivot Point S3	1.2766
Daily Pivot Point R1	1.2938
Daily Pivot Point R2	1.2985
Daily Pivot Point R3	1.3024

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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