GBP/USD Price Analysis: Turns vulnerable below the recent trading range support near 1.2300 mark

GBP/USD remained under heavy selling pressure through the mid-European session on Friday.
Any meaningful positive move might now be seen as a selling opportunity and remain capped.

Haresh Menghani FXStreet

The GBP/USD pair extended the previous day's intraday rejection slide from the 1.2475 supply zone and continued losing ground through the mid-European session on Friday.

A sustained break below 100-hour EMA was seen as a key trigger for bearish traders and dragged the pair closer to the lower end of its weekly trading range, around the 1.2260 region.

However, technical indicators on the 1-hourly chart have already drifted into the oversold territory and assisted the pair to quickly recover around 30 pips from daily swing lows.

Meanwhile, the fact that the pair now seems to have confirmed a near-term bearish break through a multi-day-old trading range, the bias seems tilted in favour of bearish traders.

Hence, any subsequent recovery beyond the 1.2300 round-figure mark might still be seen as a selling opportunity and remain capped near the 1.2345-50 region (100-hour EMA).

The pair seems vulnerable to continue with its downward trajectory, even below weekly lows, around the 1.2240 region, towards challenging the 1.2200 round-figure mark.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.2292
Today Daily Change	-0.0106
Today Daily Change %	-0.85
Today daily open	1.2398

Trends
Daily SMA20	1.2262
Daily SMA50	1.2683
Daily SMA100	1.2868
Daily SMA200	1.2664

Levels
Previous Daily High	1.2476
Previous Daily Low	1.2348
Previous Weekly High	1.2486
Previous Weekly Low	1.1447
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2427
Daily Fibonacci 61.8%	1.2397
Daily Pivot Point S1	1.2339
Daily Pivot Point S2	1.228
Daily Pivot Point S3	1.2211
Daily Pivot Point R1	1.2467
Daily Pivot Point R2	1.2535
Daily Pivot Point R3	1.2594

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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