GBP/USD technical analysis: 50-HMA can toughen road to recovery

USD weakness stops limit further downside.
Recovery can be challenged by immediate resistance-confluence and 200-HMA.

Anil Panchal FXStreet

Despite refraining from additional declines due to the recent US Dollar (USD) weakness, the GBP/USD pair still trades under near-term resistances as it seesaws around 1.2615 during the initial Asian session on Friday.

In addition to a downward sloping trend-line since early-week, 50-hour simple moving average (50-HMA) challenges the quote’s latest recovery around 1.2625/30, a break of which can escalate the up-moves to 1.2650/55 resistance-zone comprising mid-week extremes.

Should there be an additional upside past-1.2655, 200-HMA near 1.2675 and 61.8% Fibonacci retracement of current week decline at 1.2685 can question buyers targeting 1.2720 and 1.2750.

Meanwhile, 1.2600 and 1.2580 could keep limiting the pair’s near-term declines ahead of dragging it to 1.2480.

If prices keep trading southwards under 1.2480, the current year low of 1.2430 and 1.2400 round-figure may as well be called important to watch.

GBP/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2612
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.2608

Trends
Daily SMA20	1.2831
Daily SMA50	1.2964
Daily SMA100	1.3012
Daily SMA200	1.2953

Levels
Previous Daily High	1.2641
Previous Daily Low	1.2581
Previous Weekly High	1.2815
Previous Weekly Low	1.2605
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.2604
Daily Fibonacci 61.8%	1.2618
Daily Pivot Point S1	1.2579
Daily Pivot Point S2	1.255
Daily Pivot Point S3	1.2518
Daily Pivot Point R1	1.2639
Daily Pivot Point R2	1.267
Daily Pivot Point R3	1.27

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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