GBP/USD technical analysis: Under pressure below 100-hour EMA, 9-day-old falling trendline

Bearish MACD, lower-highs, failure to cross the key resistance-confluence signal the GBP/USD pair’s declines.
A two-day-old support-line could offer an intermediate halt to 1.2200.

Anil Panchal FXStreet

Not only failures to cross multi-day old descending trend-line and 100-hour exponential moving average (EMA) but lower high formation and bearish MACD also increase odds of the GBP/USD pair’s declines. The pair currently flashes 1.2290 as a quote prior to the UK open on Thursday.

It should be noted that the pair tests 23.6% Fibonacci retracement of a downpour since September 20, at 1.2294, a sustained break below the same could join bearish signal by 12-bar moving average convergence and divergence (MACD) to aim for immediate rising support-line, at 1.2230.

In a case prices fail to bounce off 1.2230, 1.2200 could become bears’ favorite.

Meanwhile, an upside break of 1.2305/10 resistance-confluence will set the tone for fresh run-up towards 1.2380 and 1.2415 whereas 61.8% Fibonacci retracement near 1.2440 could question bulls afterward.

Given the pair’s extended rise past-1.2440, 1.2500 and 1.2585 could lure optimists.

GBP/USD hourly chart

Trend: bearish

additional important levels

Overview
Today last price	1.2293
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.2298

Trends
Daily SMA20	1.2383
Daily SMA50	1.2256
Daily SMA100	1.2438
Daily SMA200	1.2726

Levels
Previous Daily High	1.2325
Previous Daily Low	1.2227
Previous Weekly High	1.2504
Previous Weekly Low	1.2271
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2264
Daily Fibonacci 61.8%	1.2287
Daily Pivot Point S1	1.2242
Daily Pivot Point S2	1.2185
Daily Pivot Point S3	1.2144
Daily Pivot Point R1	1.234
Daily Pivot Point R2	1.2381
Daily Pivot Point R3	1.2437

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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