GBP/USD Technical Analysis: Remains capped below 5-week old descending trend-line ahead of UK jobs data

   •  The pair met with some fresh supply on Tuesday and eroded a major part of the previous session's uptick to the 1.3120-30 supply zone, marking a five-week-old descending trend-line resistance.

   •  Any subsequent slide might continue to find decent support near the 1.3050-40 region, representing the lower end of a short-term ascending trend-channel extending from Dec. 2018 daily closing low.

   •  This is closely followed by the key 1.30 psychological mark and strong horizontal support near the 1.2975-70 region, held since late-Feb. and also coinciding with the very important 200-day SMA.

   •  A convincing break through the trend-channel, leading to a subsequent weakness below the mentioned support will mark a bearish breakdown and open room for a further near-term depreciating move.

   •  Alternatively, a sustained move beyond the 1.3130 strong resistance might prompt some aggressive short-covering move and assist the pair to aim towards reclaiming the 1.3200 round figure mark.

GBP/USD daily chart

GBP/USD

Overview
Today last price 1.3083
Today Daily Change -0.0014
Today Daily Change % -0.11
Today daily open 1.3097
 
Trends
Daily SMA20 1.312
Daily SMA50 1.3094
Daily SMA100 1.2946
Daily SMA200 1.2971
Levels
Previous Daily High 1.312
Previous Daily Low 1.3069
Previous Weekly High 1.3133
Previous Weekly Low 1.303
Previous Monthly High 1.3384
Previous Monthly Low 1.296
Daily Fibonacci 38.2% 1.31
Daily Fibonacci 61.8% 1.3088
Daily Pivot Point S1 1.3071
Daily Pivot Point S2 1.3044
Daily Pivot Point S3 1.302
Daily Pivot Point R1 1.3121
Daily Pivot Point R2 1.3146
Daily Pivot Point R3 1.3172

 

 

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