GBP/USD Price Analysis: Mildly bid above 1.2200 inside short-term triangle, UK Retail Sales eyed

  • GBP/USD snaps two-day losing streak while recovering from 1.2185.
  • 61.8% Fibonacci retracement can offer intermediate resistance.
  • Downside break of the triangle will recall sub-1.2100 area on the charts.
  • UK Retail Sales for April become the key fundamental catalyst.

GBP/USD extends recovery moves from 1.2185 while taking the bids near 1.2230, up 0.10% on a day, amid the early Friday trading.

Looking at the Cable’s moves from late-Monday, a short-term falling triangle seems to appear on the hourly (H1) chart. That said, the quote presently confronts an intermediate resistance line, around 1.2235, following the bounce from the formation’s support.

Also Read: UK Retail Sales Preview: Will a third fall finally fell the pound? Yearly figure may steal the show

Should the pullback cross 1.2235, 61.8% Fibonacci retracement level of May 12-17 fall near 1.2265 can offer extra resistance before fueling the pair towards the pattern’s upper line, at 1.2275 now.

It should also be noted that the pair’s rise past-1.2275 enables it to cross 1.2300 round-figure and aim for May 13 high near 1.2340 before rising further.

On the downside, the pair’s declines below 1.2185 support can wait for the validation from the 1.2170 rest-point, which if broken can drag the quote to the monthly low surrounding 1.2075.

GBP/USD hourly chart

Trend: Further recovery expected

Additional important levels

Today last price 1.223
Today Daily Change 7 pips
Today Daily Change % 0.06%
Today daily open 1.2223
Daily SMA20 1.2344
Daily SMA50 1.2276
Daily SMA100 1.2632
Daily SMA200 1.2666
Previous Daily High 1.225
Previous Daily Low 1.2186
Previous Weekly High 1.2438
Previous Weekly Low 1.2102
Previous Monthly High 1.2648
Previous Monthly Low 1.2165
Daily Fibonacci 38.2% 1.221
Daily Fibonacci 61.8% 1.2225
Daily Pivot Point S1 1.2189
Daily Pivot Point S2 1.2156
Daily Pivot Point S3 1.2125
Daily Pivot Point R1 1.2253
Daily Pivot Point R2 1.2283
Daily Pivot Point R3 1.2317



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

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News