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.

Anil Panchal FXStreet

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

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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