GBP/USD Price Analysis: Slips below 1.2600 on the break of immediate support line

GBP/USD extends pullback from 1.2616, bears eye 100-HMA during further declines.
April high will validate the pair’s strength beyond the recent top.
A sustained break below 200-HMA will defy the pair bulls.

Anil Panchal FXStreet

GBP/USD drops to 1.2556, down 0.14% on a day, amid the early Thursday’s Asian session. The pair recently broke the immediate support line while stepping back from the highest since April 30.

As a result, the quote is likely to remain downbeat and can extend the fall towards a 100-HMA level of 1.2468 during the further declines.

However, 200-HMA near 1.2360 could restrict the pair’s additional weakness past-1.2468, if not then the bears may challenge the previous month’s bottom surrounding 1.2075.

Alternatively, an upside clearance of the recent high of 1.2616 will have to cross April 30 top near 1.2650 to justify the strength of the bulls.

In doing so, the optimists may target February month low near 1.2725/30 to cheer the north-run.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2564
Today Daily Change	-10 pips
Today Daily Change %	-0.08%
Today daily open	1.2574

Trends
Daily SMA20	1.2305
Daily SMA50	1.237
Daily SMA100	1.2568
Daily SMA200	1.2673

Levels
Previous Daily High	1.2616
Previous Daily Low	1.2547
Previous Weekly High	1.2394
Previous Weekly Low	1.2164
Previous Monthly High	1.2601
Previous Monthly Low	1.2076
Daily Fibonacci 38.2%	1.2589
Daily Fibonacci 61.8%	1.2573
Daily Pivot Point S1	1.2542
Daily Pivot Point S2	1.251
Daily Pivot Point S3	1.2473
Daily Pivot Point R1	1.2611
Daily Pivot Point R2	1.2647
Daily Pivot Point R3	1.2679

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.

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