GBP/USD technical analysis: Plummets to fresh 3-month lows, bears might now target 1.2800 handle


   •  Bearish pressure around the British Pound remained unabated on Wednesday, with the GBP/USD pair tumbling to near three-month lows in the last hour.

   •  Given the overnight slide below the very important 200-day SMA, a follow-through weakness the 1.2900 handle was seen as a key trigger for bearish traders.

The mentioned handle nears the 50% Fibonacci retracement level of the 1.2438-1.3385 recent up-move and might have prompted some fresh technical selling, paving the way for a further near-term depreciating move.

Meanwhile, technical indicators are already pointing to highly oversold conditions on hourly charts and hence, any subsequent slide might find some support near the 61.8% Fibonacci level around the 1.2800 handle.

However, oscillators on the daily chart are still far from being in the oversold territory and hence, any attempted bounce might still be seen as a selling opportunity near the mentioned support break-point around the 1.2900 mark.

GBP/USD daily chart

GBP/USD

Overview
Today last price 1.284
Today Daily Change -0.0066
Today Daily Change % -0.51
Today daily open 1.2906
 
Trends
Daily SMA20 1.2996
Daily SMA50 1.308
Daily SMA100 1.3013
Daily SMA200 1.2959
Levels
Previous Daily High 1.2972
Previous Daily Low 1.2903
Previous Weekly High 1.3171
Previous Weekly Low 1.2967
Previous Monthly High 1.3196
Previous Monthly Low 1.2865
Daily Fibonacci 38.2% 1.2929
Daily Fibonacci 61.8% 1.2946
Daily Pivot Point S1 1.2882
Daily Pivot Point S2 1.2858
Daily Pivot Point S3 1.2813
Daily Pivot Point R1 1.2951
Daily Pivot Point R2 1.2996
Daily Pivot Point R3 1.302

 

 

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: bearish strength pointing to lower lows for the year

The EUR/USD pair extended its decline Friday to finish the week sharply lower in the 1.1150 region. The American currency stood victorious on the back of persistent concerns about US-Sino trade tensions and encouraging local data.

EUR/USD News

GBP/USD remains little changed to 1.2730 as Brexit doubts supersede USD pullback

With the doubts over the UK PM May’s Brexit plan’s another failure at the parliament growing strong, the GBP/USD pair trades near 1.2730 during early Monday.

GBP/USD News

USD/JPY rose to intra-day high of 110.20 despite upbeat GDP data

USD/JPY rose to the intra-day high of 110.20 despite Japan’s Q1 2019 GDP data beat forecasts on early Monday. The reason for the rise could be a downward revision to previous figures. Japan’s first quarter (Q1) gross domestic product (GDP) beat 0.0% forecast .

USD/JPY News

Gold: Mid-August 2018 major-uptrend’s support line tested for third time this month

Technically, the price is below the 50 and 20 DMAs, dropping back from channel resistance with room to go on the RSI to the downside although meeting its mid-April support line.

Gold News

Bitcoin price update: BTC reclaims $7,000, recovery stalled

Bitcoin (BTC) has recovered from a scary flash crash that took it all the way down from $7,800 to as low as $6,512. The first digital coin lost about 16% of its value in a matter of hour with no particular reason .

Read more

Majors

Cryptocurrencies

Signatures