GBP/USD Technical Analysis: Returning to the mean as buyers step away

The Cable is facing continued downside pressure as the Sterling continues to slip from near-term highs.
GBP/USD Forecast: Attempts to defend 50/100-DMA confluence support ahead of UK macro data

Joshua Gibson FXStreet

GBP/USD M5

Hourly candles see the GBP/USD geared for a test of the 200-hour moving average from 1.2970, with intraday resistance from the 50-hour moving average at 1.3090, constraining the Cable's ability to make a run in either direction for Friday.

GBP/USD H1

Looking further out, the Cable has gone cyclical, whipping between highs and lows in a zone between 1.3300 and 1.2690.

GBP/USD H4

GBP/USD

Overview:
    Last Price: 1.3042
    Daily change: -19 pips
    Daily change: -0.145%
    Daily Open: 1.3061
Trends:
    Daily SMA20: 1.2987
    Daily SMA50: 1.3032
    Daily SMA100: 1.3037
    Daily SMA200: 1.3409
Levels:
    Daily High: 1.3152
    Daily Low: 1.3045
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.3086
    Daily Fibonacci 61.8%: 1.3111
    Daily Pivot Point S1: 1.302
    Daily Pivot Point S2: 1.2979
    Daily Pivot Point S3: 1.2914
    Daily Pivot Point R1: 1.3127
    Daily Pivot Point R2: 1.3192
    Daily Pivot Point R3: 1.3233

GBP/USD

Overview:
    Last Price: 1.3044
    Daily change: -17 pips
    Daily change: -0.130%
    Daily Open: 1.3061
Trends:
    Daily SMA20: 1.2987
    Daily SMA50: 1.3032
    Daily SMA100: 1.3037
    Daily SMA200: 1.3409
Levels:
    Daily High: 1.3152
    Daily Low: 1.3045
    Weekly High: 1.3042
    Weekly Low: 1.2696
    Monthly High: 1.326
    Monthly Low: 1.2696
    Daily Fibonacci 38.2%: 1.3086
    Daily Fibonacci 61.8%: 1.3111
    Daily Pivot Point S1: 1.302
    Daily Pivot Point S2: 1.2979
    Daily Pivot Point S3: 1.2914
    Daily Pivot Point R1: 1.3127
    Daily Pivot Point R2: 1.3192
    Daily Pivot Point R3: 1.3233

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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