- 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
|Today last price||1.2998|
|Today Daily Change||-0.0001|
|Today Daily Change %||-0.01|
|Today daily open||1.2999|
|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|
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