GBP/USD Technical Analysis: Strangling near 1.2700

GBP/USD continues to cycle around intraday inflection levels, currently digging in near 1.2700 after failing to jumpstart moves in either direction on Wednesday.

Joshua Gibson FXStreet

GBP/USD, 5-Minute

The past two weeks have seen the Cable moving in a sluggish downtrend, marked by consolidation periods separated by rough chop, but the pair continues to see downside movement from the 200-period MA.

GBP/USD, 30-Minute

4-hour candlesticks have the Cable setting up for a bearish break of previous support just below the 1.2700 handle, and short-sellers will be looking to time a break-and-retest of the significant level with Tuesday's upcoming Brexit vote to push the GBP/USD pairing into a faster downtrend.

GBP/USD, 4-Hour

GBP/USD

Overview:
    Today Last Price: 1.2711
    Today Daily change: -20 pips
    Today Daily change %: -0.157%
    Today Daily Open: 1.2731
Trends:
    Previous Daily SMA20: 1.2831
    Previous Daily SMA50: 1.2944
    Previous Daily SMA100: 1.2964
    Previous Daily SMA200: 1.3298
Levels:
    Previous Daily High: 1.2798
    Previous Daily Low: 1.2672
    Previous Weekly High: 1.2864
    Previous Weekly Low: 1.2725
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.275
    Previous Daily Fibonacci 61.8%: 1.272
    Previous Daily Pivot Point S1: 1.2669
    Previous Daily Pivot Point S2: 1.2608
    Previous Daily Pivot Point S3: 1.2543
    Previous Daily Pivot Point R1: 1.2796
    Previous Daily Pivot Point R2: 1.286
    Previous Daily Pivot Point R3: 1.2922

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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