GBP/USD technical analysis: 50-HMA offers intermediate halt inside 25-pip range

Choppy between a small range with 50-HMA providing an additional filter.
100-HMA is likely resistance to lure buyers past-1.2570.

Anil Panchal FXStreet

Having failed to clear 1.2570, the GBP/USD pair rests on 50-HMA near 1.2555 while heading into the UK open on Wednesday.

Other than 50-hour moving average (50-HMA) Tuesday’s early tops near 1.2545 can also question the pair’s declines, if not 1.2505 should be on the bears’ call.

Given the pair’s extended downpour past-1.2505, December 2018 low of 1.2477 may opt for the comeback.

Meanwhile, 38.2% Fibonacci retracement and 100-HMA can hold the pair confined near 1.2605 if it manages to clear 1.2570 immediate upside barrier.

Furthermore, 50% and 61.8% Fibonacci retracements around 1.2632 and 1.2665 might entertain buyers ahead of challenging them with 1.2710.

GBP/USD hourly chart

Trend: Sideways

1. R3 1.264
2. R2 1.2603
3. R1 1.258
PP 1.2543
1. S1 1.2521
2. S2 1.2484
3. S3 1.2461

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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