GBP/USD technical analysis: Choppy between 21-HMA, immediate horizontal support

21-HMA, 2-day old horizontal support limit the GBP/USD pair moves inside a short-term descending triangle.
100-HMA adds strength to the triangle resistance.

Anil Panchal FXStreet

While descending triangle formation portrays the GBP/USD pair’s immediate moves, 21-hour moving average (21-HMA) offers an extra filter to the upside as the quote trades near 1.2670 ahead of the UK open on Friday.

Even if the pair crosses immediate HMA resistance of 1.2680, triangle’s upper-line and 100-HMA level around 1.2705/06 seems a tough nut to crack for buyers.

In a case prices rally beyond 1.2706, their run-up to latest high around 1.2785 can’t be denied.

On the downside break of 1.2660 horizontal-support, sellers can aim for 1.2642 and 61.8% Fibonacci retracement level of 1.2612.

During the pair’s extra south-run under 1.2612, 1.2600 and June 18 high around 1.2570 can entertain sellers.

GBP/USD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.267
Today Daily Change	-6 pips
Today Daily Change %	-0.05%
Today daily open	1.2676

Trends
Daily SMA20	1.2673
Daily SMA50	1.2795
Daily SMA100	1.2947
Daily SMA200	1.292

Levels
Previous Daily High	1.2726
Previous Daily Low	1.2661
Previous Weekly High	1.275
Previous Weekly Low	1.2506
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.2686
Daily Fibonacci 61.8%	1.2701
Daily Pivot Point S1	1.265
Daily Pivot Point S2	1.2623
Daily Pivot Point S3	1.2585
Daily Pivot Point R1	1.2714
Daily Pivot Point R2	1.2752
Daily Pivot Point R3	1.2779

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.

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold sticks to gains near $5,050 amid Fed-driven USD weakness; focus remains on US NFP

Gold climbs back above the $5,050 level during the Asian session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple show no sign of recovery

Bitcoin, Ethereum, and Ripple show signs of cautious stabilization on Wednesday after failing to close above their key resistance levels earlier this week. BTC trades below $69,000, while ETH and XRP also encountered rejection near major resistance levels. With no immediate bullish catalyst, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.