GBP/USD Price Analysis: Set-up warrants some caution before placing fresh directional bets


  • GBP/USD failed to capitalize on the UK CPI-led intraday positive move.
  • The downtick again attracts some dip-buying near the 1.2970 region.

The GBP/USD pair faded the UK CPI-led intraday bullish spike and refreshed session lows in the last hour, albeit now seems to have stabilized near the key 1.30 psychological mark.

The uptick faltered near 100-hour SMA, which coincides with 23.6% Fibonacci level of the 1.2872-1.3069 positive move and should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on hourly/daily charts haven't been supportive of any firm near-term direction and warrant some caution before placing any aggressive directional bets.

Bearish traders are likely to wait for a sustained weakness below 50% Fibo. level, around the 1.2970 region (tested on Tuesday) before positioning for any further depreciating move.

Conversely, it will be prudent to wait for some follow-through buying beyond the 1.3020-25 confluence zone (100-hour SMA and 23.6% Fibo.) to confirm any meaningful positive move.

GBP/USD 1-hourly chart

fxsoriginal

GBP/USD

Overview
Today last price 1.2998
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.2999
 
Trends
Daily SMA20 1.3024
Daily SMA50 1.3064
Daily SMA100 1.2943
Daily SMA200 1.2693
 
Levels
Previous Daily High 1.3049
Previous Daily Low 1.2971
Previous Weekly High 1.307
Previous Weekly Low 1.2872
Previous Monthly High 1.3281
Previous Monthly Low 1.2954
Daily Fibonacci 38.2% 1.3001
Daily Fibonacci 61.8% 1.3019
Daily Pivot Point S1 1.2963
Daily Pivot Point S2 1.2928
Daily Pivot Point S3 1.2885
Daily Pivot Point R1 1.3042
Daily Pivot Point R2 1.3085
Daily Pivot Point R3 1.312

 

 

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

Latest Forex News


Latest Forex News

Editors’ Picks

AUD/USD recaptures 0.7700 amid Risk-on mood, upbeat Aussie data

AUD/USD remains strongly bid above 0.7700 after Monday’s downbeat performance. The aussie benefits from upbeat Australian housing data and risk-on mood. Incoming Treasury Secretary Janet Yellen’s indirect support to Biden’s stimulus favors the risk-takers.

AUD/USD News

EUR/USD:Falling wedge on 4H tests bearish impulse below 1.2100

EUR/USD portrays choppy trading moves between 1.2075 and 1.2080 during Tuesday’s Asian session. Bullish chart pattern, recovering MACD keep buyers hopeful. Early February lows, 61.8% Fibonacci retracement add to the downside filters.

EUR/USD News

Gold: All eyes on the greenback and US yields

Gold prices are attempting to recover as te DXY stalls in its bullish correction. The dollar could still be a catalyst for a deeper positioning squeeze in the yellow metal. The US dollar strengthened for a third consecutive day on Monday.

Gold news

BTC/USD: Its a make or break at 36170

BTC/USD is trending up again in the 30 minutes time frame; the price structure has changed since the weekend selloff with higher highs and higher lows. Prices fell below the crucial point at 36170 in yesterday's session but bounced back.

Read more

US Dollar Index: Immediately to the upside comes 91.00

DXY extends the march north and already trades at shouting distance from the 91.00 barrier, or new 2021 highs.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures