- 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
|Today last price||1.2819|
|Today Daily Change||-7 pips|
|Today Daily Change %||-0.05%|
|Today daily open||1.2826|
|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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