GBP/USD Technical Analysis: Sluggish above 200-HMA, 50% Fibonacci

GBP/USD nears the key technical confluence.
Bearish MACD indicates the return of early-week levels.
A nine-day-old descending trend line restricts immediate upside.

Anil Panchal FXStreet

GBP/USD stays modestly changed around 1.2915 during the Asian session on Friday.

The pair seesaws around 200-hour Simple Moving Average (HMA) and 50% Fibonacci retracement of the previous week’s decline, around 1.2900 mark.

Bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) portrays the pair’s latest sluggish momentum while also favoring declines to Tuesday’s top near 1.2870 on the downside break of 1.2900 support confluence.

Should prices manage to remain strong beyond 1.2900, the 61.8% Fibonacci retracement level of 1.2925 can restrict adjacent rise ahead of highlighting a downward sloping trend line since November 18, at 1.2945.

If bulls manage to cross 1.2945, the monthly high near 1.2985, 1.3000 round-figure and October month high around 1.3015 will be in focus.

GBP/USD hourly chart

Trend: Sideways

additional important levels

Overview
Today last price	1.2913
Today Daily Change	7 pips
Today Daily Change %	0.05%
Today daily open	1.2906

Trends
Daily SMA20	1.2883
Daily SMA50	1.2701
Daily SMA100	1.2489
Daily SMA200	1.2702

Levels
Previous Daily High	1.2916
Previous Daily Low	1.2827
Previous Weekly High	1.2986
Previous Weekly Low	1.2821
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2882
Daily Fibonacci 61.8%	1.2861
Daily Pivot Point S1	1.285
Daily Pivot Point S2	1.2794
Daily Pivot Point S3	1.2761
Daily Pivot Point R1	1.2939
Daily Pivot Point R2	1.2972
Daily Pivot Point R3	1.3028

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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