GBP/USD Price Analysis: Weak below 1.2500, inside short-term trading range

GBP/USD seesaws around the monthly top, maintains a two-day-old trading range.
50-HMA adds strength to the range support.
1.2500, 50-day SMA offer immediate resistance.

Anil Panchal FXStreet

Despite declining to 1.2457, GBP/USD stays inside a two-day-old trading range during the Asian session on Monday. In doing so, the cable pair seesaws around a one-month high flashed on Friday.

However, bearish MACD and repeated failures to cross 1.2500 round-figure seem to keep the sellers hopeful.

As a result, 1.2450/45 area including 50-HMA and the said range’s support, will be important to watch as a break of which could trigger fresh declines to 200-HMA level near 1.2365.

Meanwhile, the pair’s upside clearance of 1.2485 immediate resistance enables the buyers to once again aim for 1.2500.

Should there be a clear upside beyond 1.2500, the 50-day SMA level on the daily chart, close to 1.2575, will lure the bulls.

GBP/USD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.246
Today Daily Change	7 pips
Today Daily Change %	0.06%
Today daily open	1.2453

Trends
Daily SMA20	1.2132
Daily SMA50	1.2597
Daily SMA100	1.2835
Daily SMA200	1.2656

Levels
Previous Daily High	1.2487
Previous Daily Low	1.2445
Previous Weekly High	1.2487
Previous Weekly Low	1.2165
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2461
Daily Fibonacci 61.8%	1.2471
Daily Pivot Point S1	1.2436
Daily Pivot Point S2	1.242
Daily Pivot Point S3	1.2395
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2503
Daily Pivot Point R3	1.252

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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