GBP/USD Technical Analysis: Bulls await a move beyond weekly descending trend-line hurdle


  • GBP/USD remains on the defensive near two-week lows.
  • The set-up warrants some caution for aggressive traders.

The GBP/USD pair continued with its struggle to capitalize on the attempted intraday positive move and remained well within the striking distance of two-week lows set in the previous session.

Friday's intraday uptick faltered near a four-day-old descending trend-line resistance, which should now act as a key pivotal point for short-term traders and help grab some short-term opportunities.

Meanwhile, mixed technical indicators on hourly/daily charts haven't been supportive of any firm near-term direction and thus, warrant some caution before placing any aggressive bets.

Currently hovering around the 23.6% Fibonacci level of the 1.3515-1.2905 downfall, any further slide might continue to attract some buying ahead of the key 1.30 psychological mark.

Failure to defend the mentioned handle might turn the pair vulnerable to accelerate the fall towards its next major support near the 1.2925 horizontal zone ahead of the 1.2900 round-figure mark.

On the flip side, momentum beyond the trend-line hurdle might confront some resistance near the 1.3100 handle, which is closely followed by 100-hour SMA and the 1.3130-35 region (38.2% Fibo.).

Some follow-through buying has the potential to lift the pair further beyond the 1.3160 intermediate resistance towards reclaiming the 1.3200 round-figure mark (50% Fibo.).

GBP/USD 1-hourly chart

fxsoriginal

GBP/USD

Overview
Today last price 1.3061
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.3067
 
Trends
Daily SMA20 1.3105
Daily SMA50 1.3015
Daily SMA100 1.2747
Daily SMA200 1.2692
 
Levels
Previous Daily High 1.3125
Previous Daily Low 1.3013
Previous Weekly High 1.3285
Previous Weekly Low 1.3053
Previous Monthly High 1.3515
Previous Monthly Low 1.2896
Daily Fibonacci 38.2% 1.3056
Daily Fibonacci 61.8% 1.3082
Daily Pivot Point S1 1.3011
Daily Pivot Point S2 1.2956
Daily Pivot Point S3 1.2899
Daily Pivot Point R1 1.3124
Daily Pivot Point R2 1.318
Daily Pivot Point R3 1.3236

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured after US data misses estimates

EUR/USD is trading closer to 1.1750, paring its recovery from earlier in the day as the safe-haven dollar is bid. US Consumer Sentiment missed estimates with 72 points in September. The financial woes of China's Evergrande are weighing on sentiment.

EUR/USD News

GBP/USD trades under 1.38 amid on UK data, dollar strength

GBP/USD is on the back foot, trading under 1.38 after UK Retail Sales figures disappointed with -0.9% in August, worse than expected. Brexit uncertainty and dollar demand weighed on the pair earlier. 

GBP/USD News

XAU/USD surrenders intraday gains, drops closer to $1,750 level

Gold struggled to preserve its intraday gains and dropped to the lower end of the daily trading range during the early North American session. 

Gold News

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

The latest development in the ongoing SEC vs. Ripple lawsuit is that documents are classified as privileged and blocked for public viewing. Though institutional investors are yet to take big bets on the altcoin in 2021, retail investors are actively trading in XRP.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures