GBP/USD Technical Analysis: 1.30 mark back on sight ahead of UK Q3 GDP/macro data

Haresh Menghani FXStreet

• The pair remained under some heavy selling pressure for the second consecutive session on Friday and extended this week's retracement slide from three-week tops.

• The post-FOMC slide through 100-hour SMA, and a subsequent break below 23.6% Fibo. level of the 1.2694-1.3175 recent up-move was seen as a key trigger for bearish traders.

• Technical indicators on 4-hourly/daily charts have been losing positive momentum but have already drifted into oversold territory on the 1-hourly chart, warranting some consolidation.

• Hence, it would be prudent to wait for the passage of today's key data risk - the prelim UK Q3 GDP growth figures, before positioning for any further intraday depreciating move.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Last Price: 1.3015
    Daily change: -46 pips
    Daily change: -0.352%
    Daily Open: 1.3061
Trends:
    Daily SMA20: 1.2987
    Daily SMA50: 1.3032
    Daily SMA100: 1.3037
    Daily SMA200: 1.3409
Levels:
    Daily High: 1.3152
    Daily Low: 1.3045
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.3086
    Daily Fibonacci 61.8%: 1.3111
    Daily Pivot Point S1: 1.302
    Daily Pivot Point S2: 1.2979
    Daily Pivot Point S3: 1.2914
    Daily Pivot Point R1: 1.3127
    Daily Pivot Point R2: 1.3192
    Daily Pivot Point R3: 1.3233

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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