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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.