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.

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