GBP/USD Technical Analysis: Confined in a range below 200-hour SMA amid Brexit stalemate

Haresh Menghani FXStreet

• Barring an intraday spike on Monday, the pair has been struggling to make it through 200-hour SMA and remained confined in a broader trading range around the 1.3200 handle.

• The range-bound price action over the past 24-hours or so constituted to the formation of a rectangle on the 1-hourly chart, indicating a brief pause in the trend - bullish in this case.

• Usually considered as a continuation pattern, a rectangle can also mark trend significant tops and thus, warrant caution amid neutral technical indicators on hourly/daily charts.

• Hence, it would be prudent to wait for a sustained break through the mentioned trading range before traders start positioning for the pair's next leg of a directional move.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.3182
Today Daily Change	-0.0016
Today Daily Change %	-0.12
Today daily open	1.3198

Trends
Daily SMA20	1.3199
Daily SMA50	1.3074
Daily SMA100	1.2918
Daily SMA200	1.2979

Levels
Previous Daily High	1.3247
Previous Daily Low	1.316
Previous Weekly High	1.3312
Previous Weekly Low	1.3003
Previous Monthly High	1.3351
Previous Monthly Low	1.2773
Daily Fibonacci 38.2%	1.3193
Daily Fibonacci 61.8%	1.3213
Daily Pivot Point S1	1.3157
Daily Pivot Point S2	1.3115
Daily Pivot Point S3	1.307
Daily Pivot Point R1	1.3243
Daily Pivot Point R2	1.3288
Daily Pivot Point R3	1.333

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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