GBP/USD technical analysis: Sustained break of 1.2755/50 will confirm rising wedge on H1

GBP/USD portrays nearly one-week-old rising-wedge bearish formation on the hourly chart.
50-hour EMA adds strength to the support.

Anil Panchal FXStreet

With the pullback from multi-month high easing worries of the Cable sellers, GBP/USD highlights a bearish chart pattern, rising-wedge, at the top as it declines to 1.2800 while heading into the London open on Thursday.

The bearish formation on the hourly (H1) chart gets confirmed if prices slip below 1.2755/50 support-zone, comprising formation’s lower line and 50-hour Exponential Moving Average (EMA).

In doing so, the fresh downturn towards 61.8% Fibonacci retracement near 1.2450 could be initiated theoretically. However, intermediate halts to 1.2615 and weekly low surrounding 1.2515 can’t be denied.

Should bears refrain from respecting 1.2450, 1.2330 and 1.2200 will be on their radars.

Alternatively, pair’s run-up beyond 1.2850 should recall 1.2915 and 1.3000 mark back to the chart.

GBP/USD hourly chart

Trend: pullback expected

additional important levels

Overview
Today last price	1.2802
Today Daily Change	-30 pips
Today Daily Change %	-0.23%
Today daily open	1.2832

Trends
Daily SMA20	1.2423
Daily SMA50	1.2307
Daily SMA100	1.2415
Daily SMA200	1.2714

Levels
Previous Daily High	1.288
Previous Daily Low	1.2656
Previous Weekly High	1.2707
Previous Weekly Low	1.2194
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2794
Daily Fibonacci 61.8%	1.2742
Daily Pivot Point S1	1.2698
Daily Pivot Point S2	1.2565
Daily Pivot Point S3	1.2474
Daily Pivot Point R1	1.2922
Daily Pivot Point R2	1.3013
Daily Pivot Point R3	1.3146

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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