GBP/USD Technical Analysis: Breakdown into 1.2500 signalling further declines

The last twenty-four hours see the GBP/USD pairing testing the downside of the 1.2500 major handle, and intraday support rests at Tuesday's bottom of 1.2480 with intraday resistance priced in at the 38.2% Fibo retracement of 1.2540.

Joshua Gibson FXStreet

GBP/USD, 5-Minute

The Cable has crossed a critical inflection point after pricing in a near-term lower high below the 1.2650 zone after the pair's floor collapsed, and now the pair is challenging into a new region.

GBP/USD, 30-Minute

Looking to the medium-term, linear regression suggests that the Cable could be due for a retracement to the midline, but with this key level also falling below the previous 1.2650 support level, a move back into the range is likely to see a reload on short positions for a break lower.

GBP/USD, 1-Hour

GBP/USD

Overview:
    Today Last Price: 1.2509
    Today Daily change: 12 pips
    Today Daily change %: 0.0960%
    Today Daily Open: 1.2497
Trends:
    Previous Daily SMA20: 1.2769
    Previous Daily SMA50: 1.2913
    Previous Daily SMA100: 1.2946
    Previous Daily SMA200: 1.3275
Levels:
    Previous Daily High: 1.2639
    Previous Daily Low: 1.2481
    Previous Weekly High: 1.284
    Previous Weekly Low: 1.2659
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2542
    Previous Daily Fibonacci 61.8%: 1.2579
    Previous Daily Pivot Point S1: 1.2439
    Previous Daily Pivot Point S2: 1.2381
    Previous Daily Pivot Point S3: 1.2281
    Previous Daily Pivot Point R1: 1.2598
    Previous Daily Pivot Point R2: 1.2698
    Previous Daily Pivot Point R3: 1.2756

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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