GBP/USD Price Analysis: Monthly support line probe bears near 1.2900


  • GBP/USD bears catch a breather after canceling Wednesday’s gains the previous day.
  • Bearish MACD keeps sellers hopeful of breaking immediate downside barriers.
  • An eight-day-old horizontal line restricts immediate upside moves.

GBP/USD remains on the back foot despite taking rounds to 1.2900 during the early Asian session on Friday. The cable dropped heavily the previous day but couldn’t conquer an ascending trend line from September 30.

With the MACD flashing bearish signals sellers are waiting for entries below the 1.2890 immediate support line figure.

While the current week’s bottom surrounding 1.2860 can initially probe the bears, any further downside might not hesitate to challenge September 30 low near 1.2805.

In a case where the GBP/USD sellers keep the reins past-1.2805, they need to break the 1.2800 threshold before challenging the previous month’s low near 1.2675.

Alternatively, any recoveries below a horizontal trend line from October 6, at 1.3000 now, can be considered ephemeral. Though, intermediate bounces to 1.2945/50 can’t be ruled out.

It should, however, be noted that the GBP/USD bulls will aim for the monthly top close to 1.3085 after crossing the aforementioned trend line resistance.

GBP/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.2901
Today Daily Change -112 pips
Today Daily Change % -0.86%
Today daily open 1.3013
 
Trends
Daily SMA20 1.2894
Daily SMA50 1.3024
Daily SMA100 1.2825
Daily SMA200 1.2711
 
Levels
Previous Daily High 1.3064
Previous Daily Low 1.2863
Previous Weekly High 1.305
Previous Weekly Low 1.2845
Previous Monthly High 1.3482
Previous Monthly Low 1.2676
Daily Fibonacci 38.2% 1.2988
Daily Fibonacci 61.8% 1.294
Daily Pivot Point S1 1.2896
Daily Pivot Point S2 1.2779
Daily Pivot Point S3 1.2694
Daily Pivot Point R1 1.3097
Daily Pivot Point R2 1.3182
Daily Pivot Point R3 1.3299

 

 

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