GBP/USD Price Analysis: Glides inside symmetrical triangle, 1.3580 support remains critical


  • GBP/USD edges lower on Wednesday in the early Asian trading hours.
  • The pair faces strong resistance near 1.3650 inside the symmetrical triangle.
  • Downside needs validation below 1.3580, MACD holds in the oversold zone.

GBP/USD has continued to consolidate for the past few sessions with downside risk. The pair confides in a narrow trade band with small losses. At the time of writing, GBP/USD is trading at 1.3583, down 0.04% for the day.

GBP/USD daily chart

On the daily chart, after testing the high of 1.3913 on September 14, the GBP/USD pair lost momentum and continued with its existing short-term downside trend. Furthermore, the spot trades below the 21-day Simple Moving Average (SMA) at 1.3629 inside the symmetrical triangle formation, which confirms the pressured movement for the pair at least in the short term. Having said that, if the price breaks the intraday low, it could test the ascending trendline of the mentioned triangle at 1.3565, extending from the low of 1.3411.

The break of the bullish slopping line would further confirm the continuation of the downside momentum for the pair. GBP/USD bears shall look out for the 1.3500 horizontal support level followed by the October 1 low at 1.3433.

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone. This means that any uptick in the MACD could bring some upside momentum for the spot price. The bulls would approach the psychological 1.3600 level in that case. Next, the pair would be prompted to test the 21-SMA at 1.3629 followed by the 1.3650 horizontal resistance level.

GBP/USD additional levels

 

Overview
Today last price 1.3577
Today Daily Change -0.0011
Today Daily Change % -0.08
Today daily open 1.3588
 
Trends
Daily SMA20 1.3632
Daily SMA50 1.3731
Daily SMA100 1.3834
Daily SMA200 1.3844
 
Levels
Previous Daily High 1.3638
Previous Daily Low 1.3568
Previous Weekly High 1.3659
Previous Weekly Low 1.3532
Previous Monthly High 1.3913
Previous Monthly Low 1.3412
Daily Fibonacci 38.2% 1.3595
Daily Fibonacci 61.8% 1.3611
Daily Pivot Point S1 1.3559
Daily Pivot Point S2 1.3529
Daily Pivot Point S3 1.349
Daily Pivot Point R1 1.3628
Daily Pivot Point R2 1.3667
Daily Pivot Point R3 1.3697

 


 

Share: Feed news

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended content

Editors’ Picks

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD recovers further toward 0.6800 on risk-recovery

AUD/USD extends recovery toward 0.6800 in Asian trading on Thursday, despite mixed Australian employment data. The Aussie cheers a return of risk appetite, which weighs on the post-Fed US Dollar recovery. All eyes now remain on US economic data for fresh impetus. 

AUD/USD News
USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD.JPY reverses sharply from 144.00, as US Dollar recovery fizzles

USD/JPY is attacking 143.00 in Thursday's Asian session, reversing sharply from 144.00. The pair pares back gains in tandem with the US Dollar, as the latter's post-Fed recovery falters due to a rebound in risk sentiment. The focus is next on the US data due later today and Friday's BoJ decision. 

USD/JPY News
Gold price regains positive traction amid a modest USD pullback from one-week high

Gold price regains positive traction amid a modest USD pullback from one-week high

Gold price attracts some dip-buying during the Asian session on Thursday and seems to have stalled its retracement slide from the $2,600 mark, or a fresh all-time peak touched the previous day. The US dollar trims a part of its intraday gains to a one-week high, which turns out to be a key factor lending support to the commodity.

Gold News
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures