GBP/USD technical analysis: Still struggling to make it through 1.2760 supply zone

The GBP/USD pair continued with its struggle to make it through the 1.2760 supply zone, forming a bearish double-top chart pattern on hourly charts.
Meanwhile, the downside remained cushioned amid persistent USD selling bias, though bulls lacked any strong conviction amid rising no-deal Brexit fears.

Haresh Menghani FXStreet

However, the fact that the pair has managed to find acceptance above 200-period SMA on the 4-hourly chart for the first time since early May and support prospects for an eventual bullish break through the mentioned barrier.

Moreover, technical indicators on hourly charts have been gaining positive traction and have also recovered from the negative territory on the daily chart, adding credence to the constructive outlook and negating the bearish set-up.

Despite the supporting factors, traders are likely to wait for a convincing break through the said hurdle before positioning for any further near-term appreciating move towards reclaiming the 1.2800 round figure mark.

GBP/USD 4-hourly chart

GBP/USD

Overview
Today last price	1.2726
Today Daily Change	-0.0017
Today Daily Change %	-0.13
Today daily open	1.2743

Trends
Daily SMA20	1.2662
Daily SMA50	1.2822
Daily SMA100	1.2958
Daily SMA200	1.2929

Levels
Previous Daily High	1.275
Previous Daily Low	1.2642
Previous Weekly High	1.275
Previous Weekly Low	1.2506
Previous Monthly High	1.3178
Previous Monthly Low	1.2559
Daily Fibonacci 38.2%	1.2708
Daily Fibonacci 61.8%	1.2683
Daily Pivot Point S1	1.2674
Daily Pivot Point S2	1.2604
Daily Pivot Point S3	1.2566
Daily Pivot Point R1	1.2781
Daily Pivot Point R2	1.2819
Daily Pivot Point R3	1.2889

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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