GBP/USD Price Analysis: If the price falls further there is a good support at 1.2533


  • GBP/USD is trading just under flat on Thursday as cable holds up better than the rest.
  • The chart stopped short of the 76.4% Fib retracement. 

GBP/USD 4-hour chart

 

GBP/USD has held up better than most on Thursday as the greenback fights back. The market has been making higher highs and higher lows but the market retraced just short of the 76.4% Fibonacci retracement level.

If the price does pull back further the 50% Fib retracement looks firm. At the moment the engulfing candlestick pattern is indicating that the market could move lower. The Relative Strength Index has pulled away from the oversold level. The MACD signal lines have had a bearish crossover but they are above the mid-zone indicating the trend might not be over just yet. The histogram is still in the green but only marginally. 

If the price does close near the current levels for the daily candle, it would be a shooting star candle which would be another bearish sign. A good bearish indication would be a break of the ascending wedge pattern on the 4-hour chart. So technically the trend is still higher but there are some signs that the price could correct further.

GBP/USD chart pattern

Additional levels

GBP/USD

Overview
Today last price 1.2604
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.261
 
Trends
Daily SMA20 1.2479
Daily SMA50 1.2429
Daily SMA100 1.2443
Daily SMA200 1.2696
 
Levels
Previous Daily High 1.2623
Previous Daily Low 1.2509
Previous Weekly High 1.253
Previous Weekly Low 1.2252
Previous Monthly High 1.2813
Previous Monthly Low 1.2252
Daily Fibonacci 38.2% 1.2579
Daily Fibonacci 61.8% 1.2552
Daily Pivot Point S1 1.2538
Daily Pivot Point S2 1.2466
Daily Pivot Point S3 1.2424
Daily Pivot Point R1 1.2653
Daily Pivot Point R2 1.2695
Daily Pivot Point R3 1.2767

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 

EUR/USD News

XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.

GBP/USD News

ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures