- Struggles for a firm direction amid persistent Brexit-related uncertainties.
- Neutral oscillators warrant caution before placing any aggressive bets.
Barring a knee-jerk reaction last Thursday, the GBP/USD pair has been oscillating well within a broader trading range held over the past one week or so and lacked any firm near-term directional bias. The pair extended its sideways consolidative price action at the start of a new trading week and was seen hovering around the 1.2330-40 confluence zone.
The mentioned region comprises of 38.2% Fibonacci level of the 1.1958-1.2583 strong move up and 200-period EMA on the 4-hourly chart, which should act as a key pivotal point for short-term traders. Meanwhile, neutral technical indicators on hourly/daily charts warrant caution before placing any aggressive bets amid Brexit-related uncertainties.
Meanwhile, a sustained strength beyond the said barrier might set the stage for a further near-term appreciating move back towards the 1.2400 handle. The momentum could further get extended towards 23.6% Fibo. level resistance - around the 1.2435 region – before bulls eventually aim towards reclaiming the key 1.2500 psychological mark.
On the flip side, the 1.2300 round-figure mark now seems to protect the immediate downside, which is followed by strong support near the 1.2270-65 region – marking 50% Fibo. level. Failure to defend the said support now seems to accelerate the slide further towards challenging the 1.2200 round-figure mark – support marked by 61.8% Fibo. level.
GBP/USD 4-hourly chart
|Today last price||1.2328|
|Today Daily Change||-0.0006|
|Today Daily Change %||-0.05|
|Today daily open||1.2334|
|Previous Daily High||1.2357|
|Previous Daily Low||1.2276|
|Previous Weekly High||1.2414|
|Previous Weekly Low||1.2205|
|Previous Monthly High||1.2583|
|Previous Monthly Low||1.1958|
|Daily Fibonacci 38.2%||1.2326|
|Daily Fibonacci 61.8%||1.2307|
|Daily Pivot Point S1||1.2288|
|Daily Pivot Point S2||1.2241|
|Daily Pivot Point S3||1.2207|
|Daily Pivot Point R1||1.2369|
|Daily Pivot Point R2||1.2403|
|Daily Pivot Point R3||1.245|
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