TRENDING:

US NFP

GBP/USD

GBP/USD Technical Analysis: Flirting with a descending trend-channel support, 6-week lows ahead of May's speech

Haresh Menghani FXStreet

• The pair kept losing ground through the mid-European session and is currently placed near the lower end of a short-term descending trend-channel, held over the past one-week or so.

• The fact that the pair remains well below important intraday moving averages - 50, 100 & 200-hour SMA, points to an extension of the ongoing bearish trajectory.

• However, oversold technical indicators on the 1-hourly chart warrant some cautiousness ahead of the UK PM Theresa May's address in parliament later today.

• Meanwhile, a sustained weakness below the trend-channel support will confirm a near-term bearish breakdown and open room for a further near-term depreciating move.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Last Price: 1.2911
    Daily change: -72 pips
    Daily change: -0.555%
    Daily Open: 1.2983
Trends:
    Daily SMA20: 1.3084
    Daily SMA50: 1.3014
    Daily SMA100: 1.3084
    Daily SMA200: 1.3473
Levels:
    Daily High: 1.3046
    Daily Low: 1.2937
    Weekly High: 1.3238
    Weekly Low: 1.3011
    Monthly High: 1.33
    Monthly Low: 1.2786
    Daily Fibonacci 38.2%: 1.3004
    Daily Fibonacci 61.8%: 1.2979
    Daily Pivot Point S1: 1.2932
    Daily Pivot Point S2: 1.288
    Daily Pivot Point S3: 1.2823
    Daily Pivot Point R1: 1.304
    Daily Pivot Point R2: 1.3097
    Daily Pivot Point R3: 1.3148

Author

Haresh Menghani

FXStreet

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

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD holds around 1.1750 after weak German and EU PMI data

EUR/USD maintains its range trade at around 1.1750 in European trading on Tuesday. Weaker-than-expected December PMI data from Germany and the Eurozone make it difficult for the Euro to find demand, while investors refrain from taking large USD positions ahead of key employment data.

GBP/USD remains below 1.3400 after mixed UK labor data

GBP/USD is trading around a flat line below 1.3400 in the European session on Tuesday. The UK ILO Unemployment Rate rose to 5.1% in the quarter to October, meeting expectations, while the pay growth cooled down sligthly in the same period, doing little to affect the Pound Sterling.

Gold retreats from seven week highs on profit-taking; all eyes on US NFP release

Gold price loses momentum below $4,300 during the early European trading hours on Tuesday, pressured by some profit-taking and weak long liquidation from the shorter-term futures traders. Furthermore, optimism around Ukraine peace talks could weigh on the safe-haven asset like Gold.

Sui Price Forecast: Sui slips below $1.50 as network demand and risk appetite wane

Sui remains under intense bearish pressure, extending losses by 1% at press time on Tuesday for the third straight day.

NFP preview: Complex data release will determine if Fed was right to cut rates

The long wait is over, and the Bureau of Labor Statistics in the US will release nonfarm payrolls reports for both November and October at 1330 GMT on Tuesday. The overall NFP figure for October is expected to be -10k, however, it is expected to be influenced by a massive 130k drop in federal department workers.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Legal Text

Markets move fast. We move first.

Editor's Picks

Best Brokers in 2025