GBP/USD technical analysis: Pivots around 200-hour EMA, moves little post-UK PMI

Bulls struggled to capitalize on the early uptick to levels just above 1.2900 handle.
The downside remains cushioned following the release of upbeat UK services PMI.

Haresh Menghani FXStreet

The GBP/USD pair struggled to capitalize on its intraday uptick to levels just above the 1.2900 handle and refreshed session lows in the last hour.

Bulls showed some resilience at lower levels following the release of stronger UK services PMI for October, albeit lacked any strong conviction.

The pair has been pivoting around 200-hour SMA since the US session on Monday and thus, warrant some caution before placing any aggressive bets.

Meanwhile, technical indicators on hourly charts have just started gaining negative momentum and support prospects for further depreciating move.

However, oscillators on the daily chart maintained their bullish bias and seemed to largely offset the bearish outlook, rather attract some dip-buying interest.

The neutral set-up hasn’t been supportive of any firm direction, making it prudent to wait for a sustained move in either direction before placing fresh directional bets.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.2888
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.288

Trends
Daily SMA20	1.277
Daily SMA50	1.2505
Daily SMA100	1.2446
Daily SMA200	1.271

Levels
Previous Daily High	1.2943
Previous Daily Low	1.2875
Previous Weekly High	1.2976
Previous Weekly Low	1.2804
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2901
Daily Fibonacci 61.8%	1.2917
Daily Pivot Point S1	1.2855
Daily Pivot Point S2	1.2831
Daily Pivot Point S3	1.2787
Daily Pivot Point R1	1.2923
Daily Pivot Point R2	1.2967
Daily Pivot Point R3	1.2991

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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