- GBP/USD sellers catch a breath around the monthly low.
- Bearish MACD signal further declines.
- 61.8% Fibonacci retracement, 200-day EMA become the key during further downside.
Despite declining to the lowest since October 17 on Friday, GBP/USD stops additional south-run around short-term key supports while trading near 1.2793 amid the initial Asian session on Monday.
Read for recent fundaments: Moody’s: UK outlook cut to negative on policy 'paralysis – Cable slips below 1.2800
An area comprising 21-day Exponential Moving Average (EMA) and June month high around 1.2790/85 becomes important for pair sellers while targeting 61.8% Fibonacci retracement of May-September downside, at 1.2710.
While bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) indicate further weakness of the quote, a 200-day EMA level of 1.2664 could challenge sellers past-1.2710.
On the upside, 1.2860 and monthly high close to 1.2980 can entertain short-term buyers ahead of challenging them with 1.3000 round-figure and October top of 1.3013.
Though, May month high near 1.3180 will be on bull’s radar during pair’s sustained rise beyond 1.3013.
GBP/USD daily chart
Trend: pullback expected
additional important levels
|Today last price||1.2791|
|Today Daily Change||8 pips|
|Today Daily Change %||0.06%|
|Today daily open||1.2783|
|Previous Daily High||1.2826|
|Previous Daily Low||1.2769|
|Previous Weekly High||1.2943|
|Previous Weekly Low||1.2769|
|Previous Monthly High||1.3013|
|Previous Monthly Low||1.2194|
|Daily Fibonacci 38.2%||1.279|
|Daily Fibonacci 61.8%||1.2804|
|Daily Pivot Point S1||1.276|
|Daily Pivot Point S2||1.2736|
|Daily Pivot Point S3||1.2703|
|Daily Pivot Point R1||1.2816|
|Daily Pivot Point R2||1.2849|
|Daily Pivot Point R3||1.2873|
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