GBP/USD Technical Analysis: Extends last week’s rejection slide, breaks below 200-hour SMA

Haresh Menghani FXStreet

• The pair remained under some selling pressure for the second straight session on Monday and was seen extending last week's rejection slide from the key 1.3000 psychological mark.

• The mentioned handle coincides with a four-month-old descending trend-line, which has been acting as a key hurdle and capped attempted bullish move on several occasions.

GBP/USD daily chart

• The intraday downtick has now dragged the pair below 200-hour SMA, though slightly oversold conditions on the 1-hourly chart might help limit further downside, at least for now.

1-hourly chart

• Meanwhile, oscillators on the 4-hourly chart have been gaining negative momentum but maintained their bullish stance on the daily chart, further warranting some caution.

• The set-up suggests some dip-buying at lower levels and hence, it would be prudent to wait for a sustained break below the 1.2800 handle before positioning for any further downside.

GBP/USD

Overview:
    Today Last Price: 1.2837
    Today Daily change: -0.0028 pips
    Today Daily change %: -0.22%
    Today Daily Open: 1.2865
Trends:
    Daily SMA20: 1.2762
    Daily SMA50: 1.275
    Daily SMA100: 1.2891
    Daily SMA200: 1.3092
Levels:
    Previous Daily High: 1.2994
    Previous Daily Low: 1.2857
    Previous Weekly High: 1.3002
    Previous Weekly Low: 1.2668
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Daily Fibonacci 38.2%: 1.2909
    Daily Fibonacci 61.8%: 1.2942
    Daily Pivot Point S1: 1.2816
    Daily Pivot Point S2: 1.2768
    Daily Pivot Point S3: 1.2679
    Daily Pivot Point R1: 1.2954
    Daily Pivot Point R2: 1.3043
    Daily Pivot Point R3: 1.3092

Author

Haresh Menghani

FXStreet

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

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.