GBP/USD Price Analysis: Struggles to justify Thursday’s bearish spinning top below 1.2600

GBP/USD extends pullback from 1.2536 after flashing a bearish candlestick formation the previous day.
Failures to cross 200-day EMA, lower high from the recent top favors the sellers.
Bulls will have a bumpy road before challenging the June month top.

Anil Panchal FXStreet

GBP/USD extends the latest recovery moves from 1.2536 to 1.2558 during the early Asian session on Friday. The Cable took a U-turn from 200-day EMA but couldn’t slip below 21-day EMA, which in turn portrayed a bearish spinning top on Thursday. The resulted formation gains support from the pair’s lower highs since July 09.

As a result, the sellers remain hopeful to attack the monthly low of 1.2480 with 1.2525, comprising 21-day EMA, followed by 1.2500, acting as immediate supports.

Should there be a clear downside past-1.2480, 1.2400 and 1.2350/45 can entertain the pessimists ahead of pushing them to June month’s low near 1.2250.

Alternatively, a daily close beyond 200-day EMA level of 1.2590 could renew attempts to refresh the monthly high of 1.2670. In doing so, 1.2625/30 can offer an intermediate halt during the rise.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2558
Today Daily Change	-30 pips
Today Daily Change %	-0.24%
Today daily open	1.2588

Trends
Daily SMA20	1.2481
Daily SMA50	1.2441
Daily SMA100	1.2426
Daily SMA200	1.2704

Levels
Previous Daily High	1.265
Previous Daily Low	1.2549
Previous Weekly High	1.267
Previous Weekly Low	1.2463
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2611
Daily Fibonacci 61.8%	1.2587
Daily Pivot Point S1	1.2541
Daily Pivot Point S2	1.2495
Daily Pivot Point S3	1.2441
Daily Pivot Point R1	1.2642
Daily Pivot Point R2	1.2696
Daily Pivot Point R3	1.2743

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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