• GBP/USD extends pullback from one-week high as NIP Bill passes the UK’s House of Commons vote.
  • Convergence of 50-SMA, two-week-old ascending trend line restricts immediate downside.
  • RSI retreat, pullback from 100-SMA adds strength to the bearish bias.
  • 200-SMA adds to the upside filters, sellers can aim for fresh monthly low.

GBP/USD remains pressured around 1.2260 as bears jostle with the short-term key supports following the fresh Brexit news during late Monday, early Tuesday for Asia.

That said, the UK’s House of Commons had enough votes to pass the controversial Northern Ireland Protocol (NIP) even as the European Union (EU) warned of trade wars if the British policymakers progress with the actions.

Read: Northern Ireland Protocol (NIP) Bill passes UK House of Commons vote

Technically, the cable pair keeps the previous day’s pullback from the 100-SMA towards challenging a convergence of the 50-SMA and a fortnight-long support line, near 1.2255 by the press time.

Given the RSI (14) retreats and the failure to cross key SMA, not to forget Brexit news, the GBP/USD prices are likely to break the immediate support.

Following that, the 1.2200 round figure and 23.6% Fibonacci retracement (Fibo.) of May 27 to June 14 downside, near 1.2108, could probe the bears on their way to refresh the monthly low, currently around 1.1935.

Meanwhile, the 100-SMA level near 1.2310 guards the immediate recovery of the GBP/USD pair ahead of the 61.8% Fibonacci retracement level near 1.2390.

In a case where the Cable pair rises past 1.2390, the 200-SMA level of 1.2400 could act as the last defense of the bears.

GBP/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Today last price 1.2262
Today Daily Change -0.0007
Today Daily Change % -0.06%
Today daily open 1.2269
Daily SMA20 1.2375
Daily SMA50 1.2482
Daily SMA100 1.2872
Daily SMA200 1.3191
Previous Daily High 1.232
Previous Daily Low 1.2241
Previous Weekly High 1.2324
Previous Weekly Low 1.2161
Previous Monthly High 1.2667
Previous Monthly Low 1.2155
Daily Fibonacci 38.2% 1.229
Daily Fibonacci 61.8% 1.2271
Daily Pivot Point S1 1.2233
Daily Pivot Point S2 1.2197
Daily Pivot Point S3 1.2154
Daily Pivot Point R1 1.2313
Daily Pivot Point R2 1.2357
Daily Pivot Point R3 1.2393



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 edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD edges lower toward 1.0100 after dismal EU sentiment data

EUR/USD has extended its daily slide below 1.0150 after the data from Germany and the EU showed that the Economic Sentiment Index component of the ZEW Survey continued to decline in August. Investors await July housing data from the US.


GBP/USD extends slide toward 1.2000 after UK data

GBP/USD extends slide toward 1.2000 after UK data

GBP/USD came under renewed bearish pressure in the early European session amid risk aversion on Tuesday and declined toward 1.2000 before staging a modest rebound. The data from the UK showed that the ILO Unemployment Rate remained unchanged at 3.8% in June.


Gold struggles to recover above $1,780

Gold struggles to recover above $1,780

Following a consolidation phase above $1,780 in the Asian session, gold lost its traction and declined toward $1,775. The benchmark 10-year US Treasury bond yield holds in positive territory near 2.8%, making it difficult for XAU/USD to gather recovery momentum.

Gold News

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

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!