GBP/USD Technical Analysis: Retakes 1.3100 mark and beyond ahead of the crucial Brexit vote

Haresh Menghani FXStreet

• The pair stalled its sharp intraday downfall near the very important 200-day SMA and staged a remarkable recovery of around 130-140 pips from the key 1.30 psychological mark.

• The pair's resilience near the mentioned support clearly points to traders reluctant to place any aggressive bets ahead of the crucial vote on May's amended withdrawal agreement.

• The mentioned support coincides with a short-term ascending trend-line - extending from early-Jan./mid-Feb. swing lows, and should continue to act as a tough nut to crack for bears.

• Hence, it would be prudent to wait for a convincing break through the mentioned support before traders start positioning aggressively for a further near-term depreciating move.

• A sustained weakness below the said handle is likely to accelerate the fall further towards the 1.2900 round figure mark before the pair eventually slides further towards the 1.2800 handle.

• Meanwhile, technical indicators on 4-hourly/daily charts maintained their bullish bias, through bulls are likely to wait for a convincing break through the 1.3285-90 horizontal resistance.

GBP/USD daily chart

GBP/USD

Overview:
    Today Last Price: 1.3146
    Today Daily change: -6 pips
    Today Daily change %: -0.05%
    Today Daily Open: 1.3152
Trends:
    Daily SMA20: 1.3073
    Daily SMA50: 1.298
    Daily SMA100: 1.2884
    Daily SMA200: 1.2986
Levels:
    Previous Daily High: 1.3171
    Previous Daily Low: 1.296
    Previous Weekly High: 1.3269
    Previous Weekly Low: 1.299
    Previous Monthly High: 1.3351
    Previous Monthly Low: 1.2773
    Daily Fibonacci 38.2%: 1.309
    Daily Fibonacci 61.8%: 1.3041
    Daily Pivot Point S1: 1.3018
    Daily Pivot Point S2: 1.2884
    Daily Pivot Point S3: 1.2807
    Daily Pivot Point R1: 1.3229
    Daily Pivot Point R2: 1.3305
    Daily Pivot Point R3: 1.344

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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