GBP/USD technical analysis: Flirting with weekly lows, remains vulnerable to slide further


  • The GBP/USD pair traded with a mild negative bias for the third consecutive session on Friday and extended this week's rejection slide from the 1.2750-60 supply zone.
  • The pair has now dropped to the lower end of its weekly trading range, around the 1.2650 region, which if broken would set the stage for a further near-term depreciating move. 

Meanwhile, technical indicators on hourly & daily charts maintained their bearish bias, adding credence to the negative outlook supporting prospects for an eventual bearish breakdown amid persistent Brexit uncertainties. A follow-through selling might turn the pair vulnerable to extend the downward trajectory towards challenging the 1.2600 round figure mark en-route multi-month lows support near the 1.2560 region.

On the flip side, the 1.2675 region, closely followed by the 1.2700 handle now seems to act as immediate resistance levels, which if cleared might assist the pair to make a fresh attempt towards challenging the 1.2750-60 important barrier. Only a sustained move beyond the mentioned hurdle might prompt some near-term short-covering move further towards the 1.2800 handle ahead of the next major hurdle near the 1.2860-65 region.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price 1.2659
Today Daily Change -0.0015
Today Daily Change % -0.12
Today daily open 1.2674
 
Trends
Daily SMA20 1.2681
Daily SMA50 1.2874
Daily SMA100 1.2988
Daily SMA200 1.2941
Levels
Previous Daily High 1.2708
Previous Daily Low 1.2662
Previous Weekly High 1.2763
Previous Weekly Low 1.261
Previous Monthly High 1.3178
Previous Monthly Low 1.2559
Daily Fibonacci 38.2% 1.268
Daily Fibonacci 61.8% 1.2691
Daily Pivot Point S1 1.2654
Daily Pivot Point S2 1.2635
Daily Pivot Point S3 1.2608
Daily Pivot Point R1 1.2701
Daily Pivot Point R2 1.2728
Daily Pivot Point R3 1.2747

 

 

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