GBP/USD Price Analysis: The channel top rejection could lead to a push lower

GBP/USD is trading over half a percent higher on Wednesday but the bulls have hit resistance.
The market has moved back below 1.30 as two key levels met.

Rajan Dhall, MSTA FX Daily

GBP/USD 30-minute chart

GBP/USD has been moving higher on Wednesday after the long downtrend inspired by the last set of Brexit negotiations. There has been a series of higher highs and higher lows on the intraday (30 minute) timeframe but the bulls hit a brick wall at 1.30.

The technical pattern on the chart is a channel formation. The top of the channel met the psychological level and the price fell 71 pips. The next support on the downside is the channel low but beyond that, there is an important level at the key-value area. This is the point in the consolidation where the price has been hit the most times. Also around 1.2920 there has been two rejection points previously and this could be a support area.

The indicators have recently turned bearish. The MACD histogram is green and the Relative Strength Index has now dipped below the 50-level. The signal lines are above the mid-point which suggests the uptrend might not be over yet but they are lagging in nature. The bulls need to wait and see if the wave high is tested and taken out again but the bears look to be in a slightly stronger position after the topside rejection.

Additional levels

GBP/USD

Overview
Today last price	1.2962
Today Daily Change	0.0073
Today Daily Change %	0.57
Today daily open	1.2889

Trends
Daily SMA20	1.3126
Daily SMA50	1.2979
Daily SMA100	1.2703
Daily SMA200	1.2734

Levels
Previous Daily High	1.2926
Previous Daily Low	1.2815
Previous Weekly High	1.3279
Previous Weekly Low	1.2763
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2884
Daily Fibonacci 61.8%	1.2858
Daily Pivot Point S1	1.2827
Daily Pivot Point S2	1.2765
Daily Pivot Point S3	1.2716
Daily Pivot Point R1	1.2939
Daily Pivot Point R2	1.2988
Daily Pivot Point R3	1.305

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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