GBP/USD Technical Analysis: 5-day MA is key resistance

Omkar Godbole FXStreet Contributor

GBP/USD is currently trading at 1.2365 - just short of the downward sloping (bearish) 5-day moving average (MA) at 1.2940, which proved a tough nut to crack in the previous two trading days.

Daily chart

As seen above, the 5- and 10-day MAs are trending south, having produced a bearish crossover on Feb. 4. That bearish view would gain credence if the 5-day MA again reverses gains, leading to a deeper drop to 1.2842 (50-day MA).

A close above the 10-day MA would invalidate the bearish setup.

Trend: Bearish

GBP/USD

Overview:
    Today Last Price: 1.2936
    Today Daily change: 1 pip
    Today Daily change %: 0.01%
    Today Daily Open: 1.2935
Trends:
    Daily SMA20: 1.3002
    Daily SMA50: 1.2812
    Daily SMA100: 1.2891
    Daily SMA200: 1.3024
Levels:
    Previous Daily High: 1.2976
    Previous Daily Low: 1.2921
    Previous Weekly High: 1.3103
    Previous Weekly Low: 1.2854
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.2942
    Daily Fibonacci 61.8%: 1.2955
    Daily Pivot Point S1: 1.2912
    Daily Pivot Point S2: 1.2889
    Daily Pivot Point S3: 1.2856
    Daily Pivot Point R1: 1.2967
    Daily Pivot Point R2: 1.3
    Daily Pivot Point R3: 1.3023

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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