GBP/USD Price Analysis: Slips to fresh lows of the day at around the 1.2360 area

GBP/USD was rejected at 1.2400 for the fifth straight day as traders brace for a busy calendar.
The US Federal Reserve and Bank of England monetary policy decisions, are looming and would keep investors at bay.
GBP/USD Price Analysis: Sideways, trapped within the 1.2340-1.2430 range.

Christian Borjon Valencia FXStreet

GBP/USD losses ground in the New York session, ahead of a busy week in the global economic docket, with major central banks hosting monetary policy decisions. The US Federal Reserve (Fed) is expected to raise rates by 25 bps, while the Bank of England (BoE) would likely lift rates by 50 bps, with analysts estimating that after February’s decision, the BoE would pause. At the time of writing, the GBP/USD is trading at 1.2367.

GBP/USD Price Analysis: Technical outlook

Consolidation is the game’s name in the case of the GBP/USD failing to break above/below the top/bottom of the 1.2430/1.2344. Even though it’s sliding to a fresh day’s low at 1.2367, it would keep range-trading in the previously mentioned area. However, the GBP/USD is closing into a 13-day upslope support trendline, which, once cleared, the GBP/USD could tumble to the 1.2300 figure, followed by the 20-day Exponential Moving Average (EMA) at 1.2277.

As an alternate scenario, the GBP/USD’s reclaiming 1.2400, then the GBP/USD could rally towards the 1.2500 area, but on its way north, it would need to face the December 14 high of 1.2446.

Oscillators like the Relative Strength Index (RSI) and the Rate of Change (RoC) suggest further downside is expected.

GBP/USD Key Technical Levels

GBP/USD

Overview
Today last price	1.2358
Today Daily Change	-0.0033
Today Daily Change %	-0.27
Today daily open	1.2391

Trends
Daily SMA20	1.2226
Daily SMA50	1.2163
Daily SMA100	1.1766
Daily SMA200	1.1963

Levels
Previous Daily High	1.2419
Previous Daily Low	1.2346
Previous Weekly High	1.2448
Previous Weekly Low	1.2263
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2374
Daily Fibonacci 61.8%	1.2391
Daily Pivot Point S1	1.2351
Daily Pivot Point S2	1.2312
Daily Pivot Point S3	1.2278
Daily Pivot Point R1	1.2425
Daily Pivot Point R2	1.2459
Daily Pivot Point R3	1.2498

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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