GBP/USD Technical Analysis: Drops to fresh session lows, below 200-hour SMA post-UK CPI

Haresh Menghani FXStreet

• The pair extended overnight retracement slide from 1.3237 and kept losing ground after UK CPI print, erasing all of the previous session's goodish up-move.

• Technical indicators on the 1-hourly chart have started gaining negative momentum and a subsequent breakthrough 200-hour SMA point to increasing bearish bias.

• Hence, a follow-through selling has the potential to continue dragging the pair back towards retesting weekly bearish gap swing lows, or sub-1.3100 level.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Last Price: 1.3151
    Daily change: -32 pips
    Daily change: -0.243%
    Daily Open: 1.3183
Trends:
    Daily SMA20: 1.3116
    Daily SMA50: 1.2991
    Daily SMA100: 1.3098
    Daily SMA200: 1.3487
Levels:
    Daily High: 1.3238
    Daily Low: 1.3141
    Weekly High: 1.326
    Weekly Low: 1.3028
    Monthly High: 1.33
    Monthly Low: 1.2922
    Daily Fibonacci 38.2%: 1.3201
    Daily Fibonacci 61.8%: 1.3178
    Daily Pivot Point S1: 1.3136
    Daily Pivot Point S2: 1.309
    Daily Pivot Point S3: 1.304
    Daily Pivot Point R1: 1.3233
    Daily Pivot Point R2: 1.3284
    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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