GBP/USD Price Analysis: Remains vulnerable near 5-month lows, below 61.8% Fibo. level

GBP/USD remained under some heavy selling pressure for the fourth straight session.
The technical set-up remains tilted in favour of bears and favours further downside.

Haresh Menghani FXStreet

The GBP/USD pair remained under some intense selling pressure for the fourth consecutive session on Friday and tumbled to fresh five-month lows, around mid-1.2400s amid a strong pickup in the USD demand.

The fact that the pair found acceptance below the 61.8% Fibonacci level of the 1.1959-1.3515 positive move and a subsequent slide below the key 1.2500 psychological mark was seen as a key trigger for bearish traders.

This comes on the back of the overnight sustained weakness below the very important 200-day SMA and supports prospects for an extension of this week's rejection slide from the 1.3200 round-figure mark.

Bearish technical indicators on the daily chart – though have moved on the verge of breaking into the oversold territory – add credence to the negative outlook and a possible fall towards testing sub-1.2400 levels.

On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.2500 round-figure mark and seems more likely to remain capped near the 1.2545-50 region (61.8% Fibo. level).

GBP/USD daily chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2461
Today Daily Change	-0.0107
Today Daily Change %	-0.85
Today daily open	1.2568

Trends
Daily SMA20	1.2911
Daily SMA50	1.2988
Daily SMA100	1.299
Daily SMA200	1.271

Levels
Previous Daily High	1.2849
Previous Daily Low	1.2491
Previous Weekly High	1.3049
Previous Weekly Low	1.2741
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2628
Daily Fibonacci 61.8%	1.2712
Daily Pivot Point S1	1.2423
Daily Pivot Point S2	1.2278
Daily Pivot Point S3	1.2065
Daily Pivot Point R1	1.2781
Daily Pivot Point R2	1.2994
Daily Pivot Point R3	1.3139

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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