GBP/USD Technical Analysis: Buyers and sellers jostle inside triangle above 200-day SMA


  • GBP/USD keeps the prices in range ever since it pulled back during late-October.
  • Strong RSI, quote’s sustained trading beyond 200-day SMA keep buyers hopeful.

GBP/USD stays inside a three-week-old symmetrical triangle formation while taking rounds to 1.2883 during Wednesday’s Asian session.

While buyers cheer the pair’s sustained trading above 200-day Simple Moving Average (SMA) and strong conditions of 14-day Relative Strength Index (RSI), sellers concentrate on lower highs and failure to remain strong past-1.3000.

The quote is currently near the formation support of 1.2845, a break of which could trigger a fresh drop towards 200-day SMA level of 1.2708. However, 23.6% Fibonacci retracement of September-October rise, at 1.2762, can offer an immediate rest during the declines.

Should there be an additional weakness in prices below the key SMA, September 20 high of 1.2582 will grab bears’ attention.

On the upside, pattern’s resistance near 1.2960 could question pair’s run-up to 1.3000 while October month top of 1.3013 could question bulls afterward.

If at all buyers manage to cross 1.3013 on a daily closing basis, May high surrounding 1.3180 will be in the spotlight.

GBP/USD daily chart

Trend: sideways

additional important levels

Overview
Today last price 1.2884
Today Daily Change 0.0004
Today Daily Change % 0.03%
Today daily open 1.288
 
Trends
Daily SMA20 1.277
Daily SMA50 1.2505
Daily SMA100 1.2446
Daily SMA200 1.271
 
Levels
Previous Daily High 1.2943
Previous Daily Low 1.2875
Previous Weekly High 1.2976
Previous Weekly Low 1.2804
Previous Monthly High 1.3013
Previous Monthly Low 1.2194
Daily Fibonacci 38.2% 1.2901
Daily Fibonacci 61.8% 1.2917
Daily Pivot Point S1 1.2855
Daily Pivot Point S2 1.2831
Daily Pivot Point S3 1.2787
Daily Pivot Point R1 1.2923
Daily Pivot Point R2 1.2967
Daily Pivot Point R3 1.2991

 

 

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold risks further falls amid a potential bear pennant

The massive $45 slump Gold prices (XAU/USD) on Friday created a bearish pennant formation on the hourly chart, indicating that the spot remains exposed to further downside risks in the near-term.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures