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

 

 

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