GBP/USD Price Analysis: Short-term ascending channel checks bears near 1.2350

GBP/USD remains below a one-week-old resistance line, 200-HMA.
Pair’s further weakness under the weekly low can challenge the month’s bottom.

Anil Panchal FXStreet

GBP/USD remains modestly changed near 1.2350 amid the Asian session on Friday. That said, the pair stays below 200-HMA and a seven-day long falling trend line but inside a short-term rising trend channel.

Hence, sellers will wait for a clear break below the channel’s support, currently around 1.2330, before targeting the weekly bottom close to 1.2250/45.

In a case where the bears dominate past-1.2245, the month low of 1.2165 will become their favorite.

Alternatively, the immediate resistance line near 1.2395 seems to limit the pair’s pullback moves ahead of the channel’s upper line, at 1.2440, as well as a 200-HMA level of 1.2450.

If buyers manage to cross 1.2450, there are multiple barriers near 1.2520 and 1.2580 to challenge further advances.

GBP/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2347
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	1.2345

Trends
Daily SMA20	1.241
Daily SMA50	1.2503
Daily SMA100	1.2788
Daily SMA200	1.2654

Levels
Previous Daily High	1.2415
Previous Daily Low	1.2308
Previous Weekly High	1.2648
Previous Weekly Low	1.2407
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2374
Daily Fibonacci 61.8%	1.2349
Daily Pivot Point S1	1.2297
Daily Pivot Point S2	1.2249
Daily Pivot Point S3	1.219
Daily Pivot Point R1	1.2404
Daily Pivot Point R2	1.2463
Daily Pivot Point R3	1.2511

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD declines below 1.3450 on Middle East tensions, UK political uncertainty

The GBP/USD pair attracts some sellers to around 1.3420 during the early Asian session on Monday. The US Dollar edges higher against the Cable amid escalating tensions in the Middle East after recent US-Israeli strikes on Iran over the weekend.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Crisis in the Middle East: The market reaction

A primer on how markets will open on Monday, and why geopolitical risk may not be easily absorbed by financial markets this time around. Geopolitics and events between Iran, the US and the wider Middle East will dominate financial markets on Monday. The situation has continued to escalate as we move through Sunday.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.