GBP/USD Technical Analysis: Bulls eyeing a move beyond 50-hour SMA post-US retail sales

Haresh Menghani FXStreet

• The pair found decent support near the 200-hour SMA and rallied nearly 100-pips from sub-1.3100 level, filling the Brexit news-led weekly bearish gap.

• The positive momentum faced rejection near 50-hour SMA, albeit weaker US retail sales data undermined the USD demand and helped limit any immediate sharp fall.

• Meanwhile, technical indicators on the hourly chart have started losing positive momentum and thus, increase prospects for an extension of the rejection slide.

• However, it would be prudent to wait for a convincing break through 200-hour SMA support (the 1.3100 handle) before positioning for any further downfall.

• Alternatively, a sustained move beyond 50-hour SMA barrier (the 1.3180 region) might negate any near-term bearish bias and assist the pair to climb further.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Last Price: 1.3158
    Daily change: 3.0 pips
    Daily change: 0.0228%
    Daily Open: 1.3155
Trends:
    Daily SMA20: 1.3114
    Daily SMA50: 1.2982
    Daily SMA100: 1.3101
    Daily SMA200: 1.3491
Levels:
    Daily High: 1.326
    Daily Low: 1.3146
    Weekly High: 1.326
    Weekly Low: 1.3028
    Monthly High: 1.33
    Monthly Low: 1.2922
    Daily Fibonacci 38.2%: 1.319
    Daily Fibonacci 61.8%: 1.3216
    Daily Pivot Point S1: 1.3114
    Daily Pivot Point S2: 1.3074
    Daily Pivot Point S3: 1.3001
    Daily Pivot Point R1: 1.3227
    Daily Pivot Point R2: 1.33
    Daily Pivot Point R3: 1.334

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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