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

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD turns down as Trump touts trade hopes, after Lagarde's debut

EUR/USD is trading below 1.1130 after President Trump tweeted that the US is getting close to deal with China. Earlier, the ECB left rates unchanged and President Lagarde acknowledged the recent upturn.

EUR/USD News

GBP/USD retreats further from nine-month highs, nears 1.3100

GBP/USD has extended its decline amid renewed EUR demand within ECB’s monetary policy announcement. UK elections weigh as polls show a further narrowing in Conservatives’ advantage.

GBP/USD News

Federal Reserve leaves rates unchanged, is undecided about the future

The Federal Reserve kept interest rates steady and the governors indicated that they expected little change in the economy or Fed policy for the next year.

Read more

Gold soars with ECB, retakes 1,480.00

The bright metal hit a fresh weekly high at 1,483 as dismal US data and ECB’s monetary policy announcement added pressure on a vulnerable dollar. Spot gold at critical Fibonacci resistance.

Gold News

USD/JPY: Greenback jumps to four-day highs as trade tension ease

USD/JPY broke above the 109.00 handle as Trump is upbeat on the trade deal. Resistance is seen at the 109.26 and 109.43 price levels.

USD/JPY News

Forex MAJORS

Cryptocurrencies

Signatures