- GBP/USD shows little resilience off-late.
- One-week-old rising wedge surrounding monthly tops questions buyers.
- 100-HMA adds strength to the formation’s support line.
GBP/USD portrays a short-term rising wedge bearish formation while trading near 1.2475 during the Asian session on Thursday.
The 12-bar moving average convergence and divergence (MACD) signals lack of the momentum inside the key technical pattern, indicating brighter chances of a breakout.
With the bearish pattern surrounding monthly top, bulls are quite concerned about the pair’s downside break of 1.2450/45 area, including 100-hour simple moving average (HMA) and formation support, as it will confirm the bearish play towards early last-week highs surrounding 1.2380 and then to September 12 low near 1.2280.
During the pair’s declines below 1.2280, 50% and 61.8% Fibonacci retracement levels of current month upside around 1.2240 and 1.2175 could lure the bears.
Meanwhile, 1.2510 and latest high close to 1.2530 can please near-term buyers prior to challenging them with a four-day-old rising trend-line, at 1.2540 now.
GBP/USD hourly chart
Trend: pullback expected
additional important levels
|Today last price||1.2474|
|Today Daily Change||-25 pips|
|Today Daily Change %||-0.20%|
|Today daily open||1.2499|
|Previous Daily High||1.2528|
|Previous Daily Low||1.2393|
|Previous Weekly High||1.2508|
|Previous Weekly Low||1.2234|
|Previous Monthly High||1.231|
|Previous Monthly Low||1.2015|
|Daily Fibonacci 38.2%||1.2476|
|Daily Fibonacci 61.8%||1.2444|
|Daily Pivot Point S1||1.2419|
|Daily Pivot Point S2||1.2338|
|Daily Pivot Point S3||1.2283|
|Daily Pivot Point R1||1.2554|
|Daily Pivot Point R2||1.2609|
|Daily Pivot Point R3||1.269|
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