GBP/USD Technical Analysis: Recent upmoves to remain capped by descending channel

Intraday action on GBP/USD continues to drift towards the middle as the pair remains constrained within recent highs and lows.
Tuesday's peak-and-drop saw the pair fail to mark in territory north of the key 1.2700 handle, leaving the pair exposed to further downside.

Joshua Gibson FXStreet

GBP/USD, 5-Minute

The Cable is seeing higher lows as the US Dollar drifts across the board, but GBP bidders have been unable to push the pair over key resistance.

GBP/USD, 30-Minute

4-hour candlesticks show GBP/USD 'falling up' back into a descending channel from last week's bottom near 1.2450, but key resistance has the pair remaining restricted by the upper bound of the Cable's descending trendline.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.2656
    Today Daily change: 19 pips
    Today Daily change %: 0.150%
    Today Daily Open: 1.2637
Trends:
    Previous Daily SMA20: 1.2714
    Previous Daily SMA50: 1.287
    Previous Daily SMA100: 1.2921
    Previous Daily SMA200: 1.3244
Levels:
    Previous Daily High: 1.2706
    Previous Daily Low: 1.2608
    Previous Weekly High: 1.276
    Previous Weekly Low: 1.2477
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2669
    Previous Daily Fibonacci 61.8%: 1.2646
    Previous Daily Pivot Point S1: 1.2594
    Previous Daily Pivot Point S2: 1.2552
    Previous Daily Pivot Point S3: 1.2496
    Previous Daily Pivot Point R1: 1.2693
    Previous Daily Pivot Point R2: 1.2749
    Previous Daily Pivot Point R3: 1.2791

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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