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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.

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 price1.2913
Today Daily Change7 pips
Today Daily Change %0.05%
Today daily open1.2906
 
Trends
Daily SMA201.2883
Daily SMA501.2701
Daily SMA1001.2489
Daily SMA2001.2702
 
Levels
Previous Daily High1.2916
Previous Daily Low1.2827
Previous Weekly High1.2986
Previous Weekly Low1.2821
Previous Monthly High1.3013
Previous Monthly Low1.2194
Daily Fibonacci 38.2%1.2882
Daily Fibonacci 61.8%1.2861
Daily Pivot Point S11.285
Daily Pivot Point S21.2794
Daily Pivot Point S31.2761
Daily Pivot Point R11.2939
Daily Pivot Point R21.2972
Daily Pivot Point R31.3028

Author

Anil Panchal

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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