• GBP/USD retreats from 13-day top inside weekly rising wedge.
  • 200-EMA, overbought RSI add strength to the pullback moves.
  • Descending trend line from mid-April acts as extra filter to the north.

GBP/USD consolidates a three-day uptrend around a fortnight top, easing to 1.2565 ahead of Tuesday’s London open.

In doing so, the cable pair carries the previous day’s failure to cross the 200-EMA amid the overbought RSI (14) line.

However, the bears need a clear downside break of the 1.2500 threshold, comprising the support line of a weekly rising wedge bearish chart pattern, to retake control.

Following that, 1.2270 and the monthly low of 1.2155 can entertain traders ahead of the theoretical target surrounding 1.2050.

Meanwhile, recovery moves not only need to cross the 200-EMA level of 1.2610 but also cross the upper line of the stated wedge, near 1.2625, to favor the GBP/USD buyers.

In a case where the cable prices remain firmer past 1.2625, the 61.8% Fibonacci retracement of April-May fall and a five-week-old descending trend line, respectively around 1.2775 and 1.2815, will lure the bulls.

Overall, GBP/USD is likely to stay on the bear’s radar but validation from 1.2500 becomes necessary.

GBP/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 1.2563
Today Daily Change -0.0025
Today Daily Change % -0.20%
Today daily open 1.2588
Daily SMA20 1.2427
Daily SMA50 1.2819
Daily SMA100 1.3147
Daily SMA200 1.3355
Previous Daily High 1.2601
Previous Daily Low 1.2479
Previous Weekly High 1.2525
Previous Weekly Low 1.2217
Previous Monthly High 1.3167
Previous Monthly Low 1.2411
Daily Fibonacci 38.2% 1.2555
Daily Fibonacci 61.8% 1.2526
Daily Pivot Point S1 1.2511
Daily Pivot Point S2 1.2434
Daily Pivot Point S3 1.2389
Daily Pivot Point R1 1.2633
Daily Pivot Point R2 1.2678
Daily Pivot Point R3 1.2755



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD recovers modestly, trades above 1.0400

EUR/USD recovers modestly, trades above 1.0400

EUR/USD has managed to stage a modest rebound in the American session and climbed above 1.0400. Despite the risk-averse market environment, falling US Treasury bond yields after the latest inflation data seem to be limiting the greenback's gains for the time being.


GBP/USD rises above 1.2150 as dollar retreats

GBP/USD rises above 1.2150 as dollar retreats

Gold has gained traction and turned positive on the day above 1.2150. With the US T-bond yields falling sharply on soft inflation data, the US Dollar Index turned south and erased a large portion of its daily gains, helping GBP/USD push higher.


Gold rebounds toward $1,820 on falling yields

Gold rebounds toward $1,820 on falling yields

Gold has turned north and advanced to the $1,820 area after having dropped toward $1,800 earlier in the day. The benchmark 10-year US T-bond yield is down more than 2% on the day near 3% after the latest US data, fueling XAU/USD's upside.

Gold News

Breaking: Ethereum price tanks below $1,000

Breaking: Ethereum price tanks below $1,000

Ethereum price has breached a critical area of support over the past few hours, dipping below $1,000. The Fibonacci retracement indicator shows that ETH lacks any significant support levels that could keep prices at bay.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!