GBP/USD Price Analysis: Refreshes two-week low ahead of BOE

GBP/USD drops after the break of the monthly support line.
21/10-day SMA confluence adds to the resistance.
April low on the sellers’ radars.

Anil Panchal FXStreet

Having slipped below the monthly support line, now resistance, GBP/USD declines to 1.2315 during Thursday’s Asian session. The pair flashes two-week low while testing 50% Fibonacci retracement of its March month downside.

Hence, a sustained break below 1.2310, comprising 50% Fibonacci retracement, can aim for April 21 low around 1.2250/45 for a pause before targeting the previous month's bottom near 1.2165.

In a case where the bears dominate past-1.2165, 1.2000 round-figure could be on their radars.

Meanwhile, a confluence of 21 and 10-day SMA around 1.2440 can limit the pair’s recoveries beyond the support-turned-resistance line of 1.2345.

Also likely to challenge the buyers are 61.8% Fibonacci retracement and April month high, respectively around 1.2520 and 1.2650.

GBP/USD daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.2316
Today Daily Change	-28 pips
Today Daily Change %	-0.23%
Today daily open	1.2344

Trends
Daily SMA20	1.2447
Daily SMA50	1.241
Daily SMA100	1.272
Daily SMA200	1.2658

Levels
Previous Daily High	1.245
Previous Daily Low	1.2335
Previous Weekly High	1.2644
Previous Weekly Low	1.236
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2379
Daily Fibonacci 61.8%	1.2406
Daily Pivot Point S1	1.2303
Daily Pivot Point S2	1.2262
Daily Pivot Point S3	1.2188
Daily Pivot Point R1	1.2418
Daily Pivot Point R2	1.2492
Daily Pivot Point R3	1.2533

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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