GBP/USD technical analysis: Oversold RSI questions latest slip beneath 61.8% Fibo.


  • Break of 61.8% Fibonacci retracement highlights 1.2770 support.
  • Oversold RSI could trigger pullback towards 1.2865.

Having slipped under 61.8% Fibonacci retracement of March month upside, GBP/USD presently trades near 1.2790 ahead of the London markets open on Friday.

Considering the pair’s slip under important support, the current south-run should extend. However, oversold levels of 14-day relative strength index (RSI) challenges the bears at the moment.

As a result, chances of its pullback to 1.2865 and then to 50% Fibonacci retracement level of 1.2915 seem brighter.

Given the quote’s additional rise beyond 1.2915, 200-day simple moving average (SMA) level of 1.2960 may limit further upside.

Alternatively, February month low around 1.2770 may act as immediate support during further declines, a break of which can fetch prices to 1.2710 and then to January 15 bottom of 1.2670.

Should sellers keep dominating price sentiment under 1.2670, 1.2610, 1.2530 and 1.2480 could be on their radars.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.2791
Today Daily Change -8 pips
Today Daily Change % -0.06%
Today daily open 1.2799
 
Trends
Daily SMA20 1.2977
Daily SMA50 1.3068
Daily SMA100 1.3017
Daily SMA200 1.2958
Levels
Previous Daily High 1.2862
Previous Daily Low 1.2788
Previous Weekly High 1.3171
Previous Weekly Low 1.2967
Previous Monthly High 1.3196
Previous Monthly Low 1.2865
Daily Fibonacci 38.2% 1.2816
Daily Fibonacci 61.8% 1.2834
Daily Pivot Point S1 1.277
Daily Pivot Point S2 1.2741
Daily Pivot Point S3 1.2695
Daily Pivot Point R1 1.2845
Daily Pivot Point R2 1.2891
Daily Pivot Point R3 1.292

 

 

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