GBP/USD Technical Analysis: Struggles near 2-week lows, bulls likely to defend 100-DMA support

Haresh Menghani FXStreet

• The pair struggled to preserve/build on the Asian session attempted recovery move and has now drifted into negative territory for the fifth consecutive session.

• Given the overnight breakthrough a short-term descending trend-channel, and a subsequent fall to two-week lows, the pair remains vulnerable to extend the bearish slide.

GBP/USD 1-hourly chart

• Technical indicators on the daily chart have started losing positive momentum and reinforce the bearish outlook, though oversold oscillation on hourly charts warrants some caution.

• Hence, any follow-through weakness seems more likely to find decent support, rather prompt some short-covering trade near 100-day SMA, around the 1.2900 handle.

Daily chart

GBP/USD

Overview:
    Today Last Price: 1.2932
    Today Daily change %: -0.19%
    Today Daily Open: 1.2956
Trends:
    Daily SMA20: 1.298
    Daily SMA50: 1.2803
    Daily SMA100: 1.2898
    Daily SMA200: 1.3034
Levels:
    Previous Daily High: 1.3056
    Previous Daily Low: 1.2925
    Previous Weekly High: 1.3212
    Previous Weekly Low: 1.3043
    Previous Monthly High: 1.3214
    Previous Monthly Low: 1.2438
    Daily Fibonacci 38.2%: 1.2975
    Daily Fibonacci 61.8%: 1.3006
    Daily Pivot Point S1: 1.2902
    Daily Pivot Point S2: 1.2848
    Daily Pivot Point S3: 1.2771
    Daily Pivot Point R1: 1.3032
    Daily Pivot Point R2: 1.3109
    Daily Pivot Point R3: 1.3163

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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