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.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.