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.

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.