GBP/USD Technical Analysis: Attempted rebound from over 1-week low remains capped post-UK retail sales

Haresh Menghani FXStreet

• For the second time this week, the pair showed resilience below the 1.3100 handle, or 100-day SMA, and staged a goodish rebound from over one-week lows.

• The positive momentum lacked any strong follow-through/conviction and remained capped following the release of dismal UK monthly retail sales for September.

• Meanwhile, technical indicators on the daily chart have managed to hold with a mild positive bias and continue to point towards an extension of the intraday up-move.

• However, a convincing break below the 1.3080-75 region (weekly lows) will indicate a bearish break and accelerate the fall towards the key 1.30 psychological mark.

GBP/USD daily chart

GBP/USD

Overview:
    Last Price: 1.3112
    Daily change: -4.0 pips
    Daily change: -0.0305%
    Daily Open: 1.3116
Trends:
    Daily SMA20: 1.3114
    Daily SMA50: 1.2995
    Daily SMA100: 1.3097
    Daily SMA200: 1.3485
Levels:
    Daily High: 1.3194
    Daily Low: 1.3099
    Weekly High: 1.326
    Weekly Low: 1.3028
    Monthly High: 1.33
    Monthly Low: 1.2922
    Daily Fibonacci 38.2%: 1.3136
    Daily Fibonacci 61.8%: 1.3158
    Daily Pivot Point S1: 1.3078
    Daily Pivot Point S2: 1.3041
    Daily Pivot Point S3: 1.2983
    Daily Pivot Point R1: 1.3174
    Daily Pivot Point R2: 1.3232
    Daily Pivot Point R3: 1.3269

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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