GBP/USD technical analysis: 10-week old resistance-line portrays underlying weakness

23.6% Fibonacci retracement of multi-year old downpour limits the GBP/USD pair’s immediate upside.
2.5 month long descending trend-line becomes sellers’ favorite tool.
Multiple halts before meeting the 1.2300 round-figure.

Anil Panchal FXStreet

10-week old descending trend-line keeps GBP/USD upside confined as the quote declines to 1.2455 ahead of the UK open on Tuesday.

While current year low near 1.2382 offers immediate support, March – April 2017 raise 1.2365 and 1.2335/30 as following levels to watch during further declines.

In case prices keep trading southwards below 1.2330, 1.2300 is likely an intermediate stop before watching over March 2017 bottom surrounding 1.2110.

Alternatively, 23.6% Fibonacci retracement level of 1.2570, followed by short-term falling resistance-line at 1.2580, can continue being tough upside barriers for the buyers to conquers.

If bulls manage to cross 1.2580, June high close to 1.2685 could be next on their watchlist.

GBP/USD weekly chart

Trend: Bearish

additional important levels

Overview
Today last price	1.2454
Today Daily Change	-22 pips
Today Daily Change %	-0.18%
Today daily open	1.2476

Trends
Daily SMA20	1.2556
Daily SMA50	1.2636
Daily SMA100	1.2861
Daily SMA200	1.2871

Levels
Previous Daily High	1.252
Previous Daily Low	1.2455
Previous Weekly High	1.2579
Previous Weekly Low	1.2382
Previous Monthly High	1.2784
Previous Monthly Low	1.2506
Daily Fibonacci 38.2%	1.248
Daily Fibonacci 61.8%	1.2495
Daily Pivot Point S1	1.2447
Daily Pivot Point S2	1.2418
Daily Pivot Point S3	1.2382
Daily Pivot Point R1	1.2512
Daily Pivot Point R2	1.2549
Daily Pivot Point R3	1.2578

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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