GBP/USD Technical Analysis: Set-up suggests some dip-buying to emerge near 1.30 mark, NFP in focus

Haresh Menghani FXStreet

• The pair held on to its weaker tone through the mid-European session and is currently placed at the lower end of its daily trading range, flirting with the very important 200-day SMA.

• Dismal UK manufacturing PMI-led intraday fall below the 1.3100 handle, and 200-hour SMA was seen as a key trigger for intraday bearish traders and prompted some additional long-unwinding trade.

• Meanwhile, the recent decline since the beginning of this week has been along a short-term descending trend channel and is further reinforced by bearish technical indicators on hourly charts.

• However, oscillators on the daily chart maintained their bullish bias and support prospects for some dip-buying near the trend-channel support, or ahead of the key 1.30 psychological mark.

• Hence, it would be prudent to wait for a convincing break through the mentioned handle before confirming that the pair might have actually topped out and positioning for any further decline.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Today Last Price: 1.3054
    Today Daily change %: -0.47%
    Today Daily Open: 1.3116
Trends:
    Daily SMA20: 1.2938
    Daily SMA50: 1.2789
    Daily SMA100: 1.2901
    Daily SMA200: 1.3046
Levels:
    Previous Daily High: 1.3161
    Previous Daily Low: 1.3098
    Previous Weekly High: 1.3214
    Previous Weekly Low: 1.283
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.3137
    Daily Fibonacci 61.8%: 1.3122
    Daily Pivot Point S1: 1.3089
    Daily Pivot Point S2: 1.3061
    Daily Pivot Point S3: 1.3025
    Daily Pivot Point R1: 1.3152
    Daily Pivot Point R2: 1.3189
    Daily Pivot Point R3: 1.3216

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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