GBP/USD Technical Analysis: Risks confirming a near-term bearish break below 1.3200 handle

Haresh Menghani FXStreet

• The pair continued with its good two-way price action within a broader trading range, held over the past few trading sessions, and seems to have formed a rectangle pattern on hourly charts.

• A rectangle is usually a continuation pattern that forms as during a pause in the trend - bullish in this case, but can also mark significant tops, which can be inferred from the recent price action.

• A convincing break below the 1.3200 handle, leading to a subsequent breakthrough 200-hour SMA will add credence to the bearish outlook and prompt some aggressive selling around the major.

• Below the mentioned region, the pair is likely to accelerate the fall towards testing 1.3155 intermediate support before eventually dropping to sub-1.3100 level to test next support near the 1.3070 region.

GBP/USD 1-hourly chart

GBP/USD

Overview
Today last price	1.3216
Today Daily Change	-0.0052
Today Daily Change %	-0.39
Today daily open	1.3268

Trends
Daily SMA20	1.3176
Daily SMA50	1.3045
Daily SMA100	1.2909
Daily SMA200	1.2981

Levels
Previous Daily High	1.3312
Previous Daily Low	1.3241
Previous Weekly High	1.3384
Previous Weekly Low	1.296
Previous Monthly High	1.3351
Previous Monthly Low	1.2773
Daily Fibonacci 38.2%	1.3285
Daily Fibonacci 61.8%	1.3268
Daily Pivot Point S1	1.3236
Daily Pivot Point S2	1.3203
Daily Pivot Point S3	1.3165
Daily Pivot Point R1	1.3306
Daily Pivot Point R2	1.3344
Daily Pivot Point R3	1.3377

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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