GBP/USD technical analysis: Clings to 23.6% Fibo, bears target 1.2700 during further declines


  • GBP/USD trades below 50-bar SMA, one-week-old falling trend line.
  • 38.2% Fibonacci retracement and 200-bar SMA next on sellers’ radar.

Although 23.6% Fibonacci retracement of the recent run-up holds tightly to the GBP/USD pair, failure to rise past 50-day SMA and a short-term descending resistance keep sellers hopeful. The quote takes the rounds to 1.2820 while heading into the London open on Monday.

Sellers may now aim for 38.2% Fibonacci retracement level of the pair’s rise since October 10, near 1.2700 while 200-bar Simple Moving Average (SMA) could restrict further downside near 1.2520.

In a case where bears dominate past-1.2520, 61.8% Fibonacci retracement could give the last chance to buyers for sneaking in around 1.2500, if not then 1.2350 could flash on the chart.

On the contrary, the pair’s ability to rise beyond 1.2875/80 resistance confluence could propel prices to 1.2960 and then towards 1.3000 round-figure.

However, buyers need to keep a hold above the recent high of 1.3015 to aim for May month tops close to 1.3180.

GBP/USD 4-hour chart

Trend: pullback expected

GBP/USD

Overview
Today last price 1.2819
Today Daily Change -7 pips
Today Daily Change % -0.05%
Today daily open 1.2826
 
Trends
Daily SMA20 1.2594
Daily SMA50 1.2421
Daily SMA100 1.2431
Daily SMA200 1.2715
 
Levels
Previous Daily High 1.2864
Previous Daily Low 1.2802
Previous Weekly High 1.3013
Previous Weekly Low 1.2787
Previous Monthly High 1.2583
Previous Monthly Low 1.1958
Daily Fibonacci 38.2% 1.2826
Daily Fibonacci 61.8% 1.284
Daily Pivot Point S1 1.2798
Daily Pivot Point S2 1.2769
Daily Pivot Point S3 1.2736
Daily Pivot Point R1 1.2859
Daily Pivot Point R2 1.2892
Daily Pivot Point R3 1.2921

 

 

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