GBP/USD Price Analysis: Slips below 1.3200 amid mixed clues, eyes Bailey’s speech

GBP/USD reverses from the highest levels since December 31, 2019.
The short-term rising channel, 200-HMA keeps the buyers hopeful.
Fresh buying awaits a clear break of 1.3300.
BOE Governor Andrew Bailey will speak in Jackson Hole Symposium around 13:05 GMT.

Anil Panchal FXStreet

GBP/USD drops to 1.3196 amid the initial Asian session trading on Friday. Despite refreshing the multi-month high, the Cable failed to cross the late-2019 top below 1.3300 the previous day. As a result, sellers remain hopeful. However, the key speech from the BOE Government is ahead and makes the traders cautious.

As a result, the pair’s traders are waiting for the event while observing a three-day-old rising channel and the sustained trading beyond 200-HMA for immediate direction.

With the RSI conditions favoring the bullish channel, the pair’s another attempt to clear a descending trend line from August 19, at 1.3230 now, can’t be ruled out. However, the said channel’s resistance around 1.3265, followed by the 1.3300 threshold will challenge the bulls afterward.

On the flip side, the break of the channel’s support and 200-HMA, respectively near 1.3175 and 1.3155 will be needed for the pair’s further downside towards the weekly low near 1.3050 and the 1.3000 psychological magnet.

GBP/USD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.3198
Today Daily Change	-3 pips
Today Daily Change %	-0.02%
Today daily open	1.3201

Trends
Daily SMA20	1.3111
Daily SMA50	1.2802
Daily SMA100	1.2615
Daily SMA200	1.2727

Levels
Previous Daily High	1.3285
Previous Daily Low	1.3161
Previous Weekly High	1.3267
Previous Weekly Low	1.3059
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.3208
Daily Fibonacci 61.8%	1.3238
Daily Pivot Point S1	1.3147
Daily Pivot Point S2	1.3092
Daily Pivot Point S3	1.3023
Daily Pivot Point R1	1.327
Daily Pivot Point R2	1.3339
Daily Pivot Point R3	1.3393

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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