GBP/USD technical analysis: Less action near 2-day old support-line


  • GBP/USD holds weakness below 23.6% Fibonacci retracement but stays above immediate support-line.
  • With MACD likely recovering, four-day-old resistance-line gain market attention.

Although prices remain below 23.6% Fibonacci retracement of latest declines, GBP/USD holds firm above two-day-old support-line as it trades near 1.2055 while heading into the UK markets’ open on Wednesday.

Also supporting the odds of upside is 12-bar moving average convergence and divergence (MACD) that is slowly inching closer to positive territory.

In doing so, the quote can run-up beyond 23.6% Fibonacci retracement level of 1.2061 while targeting near-term descending trend-line, at 1.2080.

Should there be increased rise above 1.2080, Monday’s high around 1.2107 and 61.8% Fibonacci retracement of 1.2136 can become buyers’ favorites.

If at all sellers take over, 1.2015 and 1.2000 can be their aims prior to looking at the 2017 low near 1.1987 and 2016 bottom near 1.1800.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2055
Today Daily Change -6 pips
Today Daily Change % -0.05%
Today daily open 1.2061
 
Trends
Daily SMA20 1.2265
Daily SMA50 1.2477
Daily SMA100 1.2704
Daily SMA200 1.2812
Levels
Previous Daily High 1.2098
Previous Daily Low 1.2042
Previous Weekly High 1.221
Previous Weekly Low 1.2023
Previous Monthly High 1.2706
Previous Monthly Low 1.2119
Daily Fibonacci 38.2% 1.2063
Daily Fibonacci 61.8% 1.2076
Daily Pivot Point S1 1.2036
Daily Pivot Point S2 1.201
Daily Pivot Point S3 1.1979
Daily Pivot Point R1 1.2092
Daily Pivot Point R2 1.2123
Daily Pivot Point R3 1.2149

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Ends five-day losing streak, but bias remains bearish

EUR/USD gained 0.19% on Wednesday, snapping a five-day losing streak, however, the outlook remains bearish as the pair is trading well below the former support-turned-resistance of 1.1162 (Aug. 12 low).

EUR/USD News

GBP/USD: Teasing inverse head-and-shoulders breakout

GBP/USD is flirting with the inverse head-and-shoulders neckline resistance of 1.2165 at press time. An inverse head-and-shoulders is a bullish reversal pattern and its success rate is high when it appears after a notable sell-off.

GBP/USD News

USD/JPY: Dollar's progress stalls on softer US yields and weakness in stocks

The USD/JPY snapped a three-day winning streak on Tuesday with a bearish engulfing candle, as the US treasury yields fell. Notably, the US two-year Treasury yields dropped from 1.52% to 1.49% on Tuesday and the benchmark 10-year yield from 1.59% to 1.55%.

USD/JPY News

Gold: Bulls cheer pullback from 10-day EMA

Following its successful bounce off 10-day exponential moving average (EMA), Gold takes the bids to $1507 during the early Asian session on Wednesday. The yellow metal now heads to Friday’s high around $1528 ahead of questioning the monthly top surrounding $1535.

Gold News

FOMC Minutes July 30-31 Meeting Preview: The Fed vs the markets

The Fed policy that switched to neutral in Jan completed the circle last month with first decrease in the base rate in more than a decade from a 2.50% upper target to 2.25%. Markets expect a second cut at the September 18th FOMC.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •