GBP/USD Technical Analysis: Fails ahead of 100-hour SMA, momentarily dips below 1.2800 handle

Haresh Menghani FXStreet

• The pair had been struggling to find acceptance above 38.2% Fibonacci retracement level of last week's sharp fall and failed ahead of 100-hour SMA, retreating sharply to sub-1.2800 level in the last hour.

• Technical indicators on the 1-hourly chart have turned neutral but are yet to recover from the bearish territory on 4-hourly/daily charts and thus, have failed to support any firm intraday directional bias.

• Hence, traders are likely to wait for a sustained move beyond the 1.2890-1.2900 confluence hurdle - comprising of 100-hour SMA and 50% Fibonacci retracement level, before positioning for any further recovery.

• Alternatively, a follow-through selling below the 1.2800 handle might negate prospects for any further recovery and turn the pair vulnerable to resume with its prior depreciating move.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Last Price: 1.2872
    Daily change: 43 pips
    Daily change: 0.335%
    Daily Open: 1.2829
Trends:
    Daily SMA20: 1.2922
    Daily SMA50: 1.3031
    Daily SMA100: 1.3019
    Daily SMA200: 1.3374
Levels:
    Daily High: 1.2878
    Daily Low: 1.2759
    Weekly High: 1.3074
    Weekly Low: 1.2724
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.2833
    Daily Fibonacci 61.8%: 1.2805
    Daily Pivot Point S1: 1.2765
    Daily Pivot Point S2: 1.2702
    Daily Pivot Point S3: 1.2646
    Daily Pivot Point R1: 1.2885
    Daily Pivot Point R2: 1.2942
    Daily Pivot Point R3: 1.3005

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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