GBP/USD technical analysis: Slips further towards 1.2266/72 support-confluence

GBP/USD stays on the back foot below 21-DMA.
Bearish MACD favor declines to the confluence of 50-DMA, 38.2% Fibonacci retracement.

Anil Panchal FXStreet

Sustained trading below 21-day simple moving average (DMA), coupled with the bearish signal from the 12-bar moving average convergence and divergence (MACD) indicator, portrays the GBP/USD pair’s weakness as it trades near 1.2325 during Friday’s Asian session.

With this, sellers can take aim at 1.2272/66 support-confluence including 50-DMA and 38.2% Fibonacci retracement of June-September downpour.

In a case prices decline below 1.2266, 1.2200 and 23.6% Fibonacci retracement level of 1.2150 could please the bears.

On the contrary, daily closing above 21-DMA level of 1.2350 could trigger fresh pullback towards 1.2415 and 61.8% Fibonacci retracement near 1.2470.

Though, additional rise above 1.2470 could push bulls to challenge monthly top close to 1.2580.

GBP/USD daily chart

Trend: bearish

additional important levels

Overview
Today last price	1.2326
Today Daily Change	-24 pips
Today Daily Change %	-0.19%
Today daily open	1.235

Trends
Daily SMA20	1.2345
Daily SMA50	1.2275
Daily SMA100	1.247
Daily SMA200	1.2736

Levels
Previous Daily High	1.25
Previous Daily Low	1.2346
Previous Weekly High	1.2583
Previous Weekly Low	1.2393
Previous Monthly High	1.231
Previous Monthly Low	1.2015
Daily Fibonacci 38.2%	1.2405
Daily Fibonacci 61.8%	1.2441
Daily Pivot Point S1	1.2298
Daily Pivot Point S2	1.2245
Daily Pivot Point S3	1.2144
Daily Pivot Point R1	1.2452
Daily Pivot Point R2	1.2553
Daily Pivot Point R3	1.2606

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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