GBP/USD technical analysis: Failure to cross 1.2380/85, highlights 23.6% Fibo, 21-day EMA

GBP/USD pulls back after failing to clear eight-week-old horizontal resistance.
100-day EMA will reward the breakout, 23.6% Fibonacci retracement and 21-day EMA seem nearby supports.

Anil Panchal FXStreet

Having taken U-turn from a multi-week-old horizontal-area including July month extremes, GBP/USD trades near 1.2345 while heading into the UK open on Tuesday.

With this, 23.6% Fibonacci retracement of May-September declines, at 1.2250 and 21-day exponential moving average (EMA) near 1.2235, could grab sellers’ attention.

If bears dominate below 1.2235, early-August high near 1.2210 and 1.2100 could offer intermediate halts to the downward trajectory targeting 1.2000 round-figure.

Alternatively, an upside clearance of 1.2385 opens the door for a further rise to 100-day EMA level of 1.2478 and then to 50% Fibonacci retracement level around 1.2570.

GBP/USD daily chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.234
Today Daily Change	-6 pips
Today Daily Change %	-0.05%
Today daily open	1.2346

Trends
Daily SMA20	1.2187
Daily SMA50	1.2295
Daily SMA100	1.2539
Daily SMA200	1.2749

Levels
Previous Daily High	1.2385
Previous Daily Low	1.2234
Previous Weekly High	1.2354
Previous Weekly Low	1.1958
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2327
Daily Fibonacci 61.8%	1.2292
Daily Pivot Point S1	1.2258
Daily Pivot Point S2	1.217
Daily Pivot Point S3	1.2106
Daily Pivot Point R1	1.241
Daily Pivot Point R2	1.2473
Daily Pivot Point R3	1.2562

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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