GBP/USD Technical Analysis: Bearish pin bar on D1 keeps sellers hopeful

Bearish candlestick formation on daily chart keeps sellers’ watch over GBP/USD despite the recent pullback.
21-day SMA acts as the key to a monthly low.

Anil Panchal FXStreet

Bearish candlestick pattern doubts the GBP/USD pair’s latest recovery as the cable takes the bids to 1.2920 during Friday’s Asian session.

Considering the bearish pin bar on the daily (D1) chart, prices are likely to liquidate the recent upside momentum unless breaking the latest high of 1.2986. In doing so, 1.3000 and the previous month high near 1.3013 will be on the short-term buyers’ radar whereas May month top close to 1.3180 will lure the bulls afterward.

On the downside, sellers can target the 21-day Simple Moving Average (SMA) level of 1.2882 as immediate support ahead of watching over the monthly bottom surrounding 1.2770.

Should bearish signals from the 12-bar Moving Average Convergence and Divergence (MACD) stay intact past-1.2770, October 11 high close to 1.2710 will return to the charts.

GBP/USD daily chart

Trend: Downside expected

additional important levels

Overview
Today last price	1.2919
Today Daily Change	11 pips
Today Daily Change %	0.09%
Today daily open	1.2908

Trends
Daily SMA20	1.288
Daily SMA50	1.2669
Daily SMA100	1.2474
Daily SMA200	1.2704

Levels
Previous Daily High	1.297
Previous Daily Low	1.2893
Previous Weekly High	1.2918
Previous Weekly Low	1.2785
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2922
Daily Fibonacci 61.8%	1.2941
Daily Pivot Point S1	1.2877
Daily Pivot Point S2	1.2846
Daily Pivot Point S3	1.2799
Daily Pivot Point R1	1.2954
Daily Pivot Point R2	1.3001
Daily Pivot Point R3	1.3032

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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