GBP/USD technical analysis: Nears 4-day old support-line amid bearish MACD

GBP/USD stays on the back foot while nearing the four-day-old rising trend-line.
Bearish MACD favors a decline to 200-hour EMA.

Anil Panchal FXStreet

A bearish signal from the 12-bar moving average convergence and divergence (MACD) indicator portrays the GBP/USD pair’s weakness as it seesaws around near-term key support-line while taking rounds to 1.2470 during early Monday.

The pair nears a four-day-old rising trend-line level of 1.2470 with a bearish MACD signal favoring further declines to 200-hour exponential moving average (EMA) level of 1.2434.

However, 61.8% Fibonacci retracement of pair’s run-up since September 09, at 1.2367, could limit further south-run, if not then 1.2280 and 1.2230 could gain bears’ attention.

Meanwhile, 1.2500, 1.2520 and recent high surrounding 1.2585 could please buyers unless the pair portrays decisive trading below near-term key support-line.

GBP/USD hourly chart

Trend: pullback expected

additional important levles

Overview
Today last price	1.2468
Today Daily Change	-2 pips
Today Daily Change %	-0.02%
Today daily open	1.247

Trends
Daily SMA20	1.2317
Daily SMA50	1.2276
Daily SMA100	1.2489
Daily SMA200	1.2738

Levels
Previous Daily High	1.2583
Previous Daily Low	1.2459
Previous Weekly High	1.2583
Previous Weekly Low	1.2393
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2506
Daily Fibonacci 61.8%	1.2535
Daily Pivot Point S1	1.2425
Daily Pivot Point S2	1.238
Daily Pivot Point S3	1.2302
Daily Pivot Point R1	1.2549
Daily Pivot Point R2	1.2628
Daily Pivot Point R3	1.2673

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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