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 depressed around 1.1260 as recovery loses steam

The EUR/USD pair attempted to recover some ground but lost momentum around 1.1280, now near daily lows. Majors confined to tight intraday ranges amid a limited macroeconomic calendar, central banks’ pessimism. 

EUR/USD News

GBP/USD accelerates decline after losing the 1.2550 level

The Sterling is among the weakest currencies, undermined by Brexit turmoil. GBP/USD extends decline to fresh daily lows. Dollar still down against most major rivals. 

GBP/USD News

USD/JPY: unable to recoup the 108.00 level

Mixed Chinese data fell short of spooking growth concerns, Q2 GDP at 27 years low. Quiet macroeconomic start to the week in Europe and the US. USD/JPY short-term bearish as long as it remains below the 108.30 level.

USD/JPY News

Gold erases daily upside, sits comfortably above $1400

Despite a drop below the critical handle of $1400 last week, the troy ounce of the precious metal closed at $1415 but failed to push higher on Monday. As of writing, the XAU/USD pair was trading at $1410, losing nearly $5 on a daily basis.

Gold News

Forex Today: USD attempts a comeback, China growth slows, and Bitcoin recovers

The Chinese economy grew by 6.2% y/y in Q2, the weakest expansion in 27 years. Activity data showed a dramatic improvement, Antipodeans advanced further, Asian stocks traded mixed.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •