GBP/USD Price Analysis: Maintains position above 1.2400 supported by nine-day EMA

GBP/USD holds position above the psychological support level at 1.2400
A break below the nine-day EMA could further navigate toward a psychological level of 1.2300,
The major level of 1.2450 lined up with the 38.2% Fibonacci retracement could act as the key resistance region.

Akhtar Faruqui FXStreet

GBP/USD looks to extend its losses for the third consecutive day ahead of the Retail Sales data from the United Kingdom, trading around 1.2410 during the Asian session on Friday. The 1.2400 psychological level serves as immediate support, followed by the next support around 1.2350, which is aligned with the nine-day Exponential Moving Average (EMA) at the 1.2353 level.

A break below the latter could further weigh on the GBP/USD pair, potentially navigating toward the region around the psychological level at 1.2300, in conjunction with the 21-day EMA at 1.2295.

Despite the current downward movement, the technical indicators for the GBP/USD pair present a bullish outlook. The 14-day Relative Strength Index (RSI) above the 50 level indicates upward support, suggesting a robust momentum in favor of the pair.

Additionally, the Moving Average Convergence Divergence (MACD) line, situated above the centerline and showing divergence above the signal line, implies a bullish momentum in the GBP/USD pair.

On the upside, the GBP/USD pair trades below the major level of 1.2450 aligned with the 38.2% Fibonacci retracement at 1.2459, which may serve as the key resistance area. A decisive breakthrough above this barrier has the potential to encourage bullish sentiment, opening the path towards the psychological level at 1.2500, aligning with the weekly high at 1.2505.

GBP/USD: Daily Chart

GBP/USD: More technical levels to watch

Overview
Today last price	1.2414
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.2409

Trends
Daily SMA20	1.2248
Daily SMA50	1.2257
Daily SMA100	1.2511
Daily SMA200	1.2442

Levels
Previous Daily High	1.2456
Previous Daily Low	1.2376
Previous Weekly High	1.2429
Previous Weekly Low	1.2187
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2407
Daily Fibonacci 61.8%	1.2426
Daily Pivot Point S1	1.2372
Daily Pivot Point S2	1.2334
Daily Pivot Point S3	1.2292
Daily Pivot Point R1	1.2451
Daily Pivot Point R2	1.2493
Daily Pivot Point R3	1.2531

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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