GBP/USD technical analysis: The pair looks like it may retest the longer-term trendline

GBP/USD has held up better than the EUR against the USD this week.
There is a trendline on the weekly chart that it may come back to test.

Rajan Dhall, MSTA FX Daily

GBP/USD has taken a fall like most others against the greenback this week.

The dollar has been moving higher against most of its counterparts after positive news on the trade war front.

The latest is that although progress has been made, Trump himself has not confirmed that he will pullback the previous tariffs in order to get a deal.

This goes against reports earlier in the week which suggested both sides will pull back on their tariffs against one another.

Looking at the chart now and you can see the current weekly candle is very bearish.

The fact that it has broken the low point of the two previous candles indicates that a retest of the trendline could occur.

The low of 1.2789 was the consolidation low and today the price has just printed below the support level.

GBP/USD Weekly Chart

Additional Levels

GBP/USD

Overview
Today last price	1.2792
Today Daily Change	-0.0023
Today Daily Change %	-0.18
Today daily open	1.2815

Trends
Daily SMA20	1.2855
Daily SMA50	1.2543
Daily SMA100	1.2452
Daily SMA200	1.2707

Levels
Previous Daily High	1.2878
Previous Daily Low	1.2794
Previous Weekly High	1.2976
Previous Weekly Low	1.2804
Previous Monthly High	1.3013
Previous Monthly Low	1.2194
Daily Fibonacci 38.2%	1.2826
Daily Fibonacci 61.8%	1.2846
Daily Pivot Point S1	1.278
Daily Pivot Point S2	1.2745
Daily Pivot Point S3	1.2696
Daily Pivot Point R1	1.2864
Daily Pivot Point R2	1.2913
Daily Pivot Point R3	1.2948

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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