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


Today last price 1.2604
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.261
Daily SMA20 1.2479
Daily SMA50 1.2429
Daily SMA100 1.2443
Daily SMA200 1.2696
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



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