• GBP/USD prints bearish chart pattern on hourly play, confirmation awaited.
  • Sustained trading below 200-HMA keeps sellers hopeful amid steady RSI.
  • 50-HMA adds strength to the 1.3610 support, bulls need validation from 1.3665.

GBP/USD pares intraday gains inside a bearish chart pattern, around 1.3625 heading into Thursday’s London open.

The cable pair’s corrective pullback from a weekly low during the last two days prints a bear flag chart pattern on the hourly play.

Given the sluggish MACDD and steady RSI, the cable prices are likely to extend the latest weakness. Also portraying the bearish bias is the quote’s sustained trading below the 200-HMA.

However, the 50-HMA adds strength to the 1.3610 support, a break of which will confirm the bearish chart formation and direct prices towards the theoretical target of 1.3450.

During the fall, the recent swing low near 1.3570 and the mid-November peak around 1.3513 will be crucial to watch.

Alternatively, the 200-HMA level of 1.3643 guards short-term GBP/USD rebound ahead of the flag’s upper line, around 1.3665 at the latest.

Following that, a run-up towards the 1.3700 threshold and the monthly high near 1.3750 can’t be ruled out.

GBP/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.3621
Today Daily Change 0.0002
Today Daily Change % 0.01%
Today daily open 1.3619
 
Trends
Daily SMA20 1.3553
Daily SMA50 1.3412
Daily SMA100 1.3549
Daily SMA200 1.3735
 
Levels
Previous Daily High 1.3649
Previous Daily Low 1.3588
Previous Weekly High 1.3749
Previous Weekly Low 1.3532
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.3625
Daily Fibonacci 61.8% 1.3611
Daily Pivot Point S1 1.3588
Daily Pivot Point S2 1.3558
Daily Pivot Point S3 1.3527
Daily Pivot Point R1 1.3649
Daily Pivot Point R2 1.3679
Daily Pivot Point R3 1.371

 

 

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