GBP/USD Price Analysis: Thursday’s bearish pin bar keeps sellers hopeful below 1.2500

GBP/USD remains redundant between 1.2455/75 area following its U-turn from 1.2530.
A bearish candlestick formation below 21-day SMA increases the odds of the pair’s further weakness.
Bulls may seek validation from June 24 top before entry.

Anil Panchal FXStreet

GBP/USD takes rounds to 1.2470 amid Friday’s Asian session. The Cable turned south from over one-week top the previous day, which in turn portrayed a bearish pin bar candlestick formation on the daily chart. Also favoring the sellers is the pair’s sustained trading below 21-day SMA and MACD signals.

Hence, the quote is likely to revisit June 29 top surrounding 1.2390 during the fresh downside. However, the last month’s low close to 1.2252 could restrict further weakness.

Given the GBP/USD prices fail to recover from 1.2252, May 22 low of 1.2162 might offer an intermediate halt before dragging the quote towards May 18 bottom around 1.2075 and 1.2000 threshold.

On the contrary, the pair’s upside break of 21-day SMA level of 1.2514 won’t immediately call the bulls as June 24 high close to 1.2545 will become additional resistance to watch.

Though, the pair’s further rise past-1.2545 might not hesitate to challenge the June monthly top of 1.2813 with June 16 peak around 1.2690 likely being an intermediate halt.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2471
Today Daily Change	-4 pips
Today Daily Change %	-0.03%
Today daily open	1.2475

Trends
Daily SMA20	1.2523
Daily SMA50	1.2418
Daily SMA100	1.2468
Daily SMA200	1.2691

Levels
Previous Daily High	1.249
Previous Daily Low	1.236
Previous Weekly High	1.2543
Previous Weekly Low	1.2314
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.244
Daily Fibonacci 61.8%	1.241
Daily Pivot Point S1	1.2393
Daily Pivot Point S2	1.2311
Daily Pivot Point S3	1.2263
Daily Pivot Point R1	1.2524
Daily Pivot Point R2	1.2572
Daily Pivot Point R3	1.2654

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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