GBP/USD Price Analysis: Prints rising wedge on 4-hour chart above 1.2600

  • GBP/USD fails to keep the week-start uptick to 1.2643.
  • A bearish chart formation, MACD signals favor sellers.
  • 1.2715 holds the key to the June month top.

GBP/USD drops to 1.2630 amid the early Monday morning in Asia. Even so, the Cable remains positive on a daily basis with around 0.10% gains. Though, a bearish chart pattern, the rising wedge, joins bearish MACD signals, question the bulls.

As a result, 1.2600 becomes the key for decision making as a downside break of the same will confirm the bearish formation. Also increasing the strength of the support is 23.6% Fibonacci retracement of June month declines from 1.2813 to 1.2251.

Even if the pair’s break of 1.2600 opens the door for its southward trajectory towards July 03 low near 1.2440, 200-bar SMA level of 1.2510 could offer intermediate halts during the quote’s declines.

Additionally, the GBP/USD bears’ dominance past-1.2440 can aim for June 22 low near 1.2335 and 1.2310 ahead of attacking the previous month’s low near 1.2250.

Meanwhile, 1.2690 can offer immediate resistance ahead of the said pattern’s resistance line, currently around 1.2715.

It should, however, be noted that the bulls’ ability to cross 1.2715 will not only defy the bearish chart formation but will also challenge June month’s peak surrounding 1.2815.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Today last price 1.263
Today Daily Change 8 pips
Today Daily Change % 0.06%
Today daily open 1.2622
Daily SMA20 1.2483
Daily SMA50 1.2432
Daily SMA100 1.2437
Daily SMA200 1.2699
Previous Daily High 1.2664
Previous Daily Low 1.2567
Previous Weekly High 1.267
Previous Weekly Low 1.2463
Previous Monthly High 1.2813
Previous Monthly Low 1.2252
Daily Fibonacci 38.2% 1.2627
Daily Fibonacci 61.8% 1.2604
Daily Pivot Point S1 1.2571
Daily Pivot Point S2 1.252
Daily Pivot Point S3 1.2474
Daily Pivot Point R1 1.2668
Daily Pivot Point R2 1.2715
Daily Pivot Point R3 1.2766



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 recovers towards 1.1750 as risk-on rules

EUR/USD is back around 1.1750 as upbeat US data fueled equities' early rally. Concerns about economic progress remain in the background, as the pandemic keeps taking its toll. 


GBP/USD bounces from 1.30 as demand for the dollar eases

Dollar's corrective advance seems complete, now down against most major rivals. GBP/USD trades little changed for a second consecutive day in the 1.3060/70 price zone. Market players continue to ignore upcoming Brexit chaos.


Gold: Interesting Fibonacci extension projects a move to $2500

Gold has risen 10.74% in the month of July, the biggest monthly increase since February 2016. As the price is breaking all-time highs it's hard to say where the yellow metal could end up.

Gold News

ETH/BTC skyrocketing, Bitcoin stays above $11,000

The cryptocurrency market is influenced by leveraged positions liquidation. Cryptocurrency experts expect further growth amid a global flight to safety assets. ETH/BTC hits the highest level since May 2019.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News