• GBP/USD remains below 50% Fibonacci retracement for two weeks in a row.
  • An ascending trend line since early-November acts as strong support.
  • An upside break beyond Wednesday’s high could challenge the monthly top.

GBP/USD remains mildly negative while trading near 1.3120 during the Asian session on Friday. The pair took a U-turn from 50% Fibonacci retracement of its November-December 2019 upside on the previous day. Even so, prices carry the 21-day SMA breakout registered on Wednesday.

Hence, a daily closing beyond the 45-pip range between 1.3145 and 1.3100, including 50% Fibonacci retracement and 21-day SMA respectively, becomes necessary for the pair to register increased volatility.

61.8% Fibonacci retracement at 1.3054 and an upward sloping trend line stretched since early November at 1.3000 now, can question the sellers during the pair’s downside below 1.3100.

Should there be increased selling under 1.3000 mark, December monthly low near 1.2900 will lure the bears.

Alternatively, the monthly high surrounding 1.3285 will be the buyers’ choice if prices manage to cross 1.3145. Further, 23.6% Fibonacci retracement and December month top, near 1.3340 and 1.3515, will be in focus during the pair’s rise after 1.3285.

GBP/USD daily chart

Trend: Sideways

Additional important levels

Overview
Today last price 1.3119
Today Daily Change -1 pip
Today Daily Change % -0.01%
Today daily open 1.312
 
Trends
Daily SMA20 1.3092
Daily SMA50 1.3053
Daily SMA100 1.2831
Daily SMA200 1.2691
 
Levels
Previous Daily High 1.3152
Previous Daily Low 1.3097
Previous Weekly High 1.312
Previous Weekly Low 1.2954
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3118
Daily Fibonacci 61.8% 1.3131
Daily Pivot Point S1 1.3094
Daily Pivot Point S2 1.3068
Daily Pivot Point S3 1.3039
Daily Pivot Point R1 1.3149
Daily Pivot Point R2 1.3178
Daily Pivot Point R3 1.3204

 

 

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