GBP/USD technical analysis: Under pressure, 50-hour MA support is the level to beat for bears

GBP/USD is reporting losses, having rallied for a fourth straight day on Friday.
The pair is still holding above the 50-hour moving average – a level that consistently reversed pullbacks during the recent rally.
A break below the 50-hour MA could yield a deeper pullback.

Omkar Godbole FXStreet Contributor

GBP/USD is flashing red in Asia, possibly due to waning Brexit optimism, but the bias remains bullish with the key MA support still intact.

The currency pair is currently trading at 1.2911, representing a 0.48% loss on the day, having hit a low of 1.2874 a few minutes before press time.

Focus 50-hour MA support

GBP/USD created bullish higher lows at the 50-hour moving average (MA) throughout the recent rally from 1.22 to 1.2990.

Put simply, the 50-hour MA consistently reversed pullbacks and is the level to beat for the bears.

As of writing, the pair is trading above the 50-hour MA support at 1.2868. The outlook, therefore, remains bullish.

However, a break below the key average, if confirmed, would validate the overbought conditions signaled by the 14-day relative strength index and could yield a quick move lower to 1.2750.

Hourly chart

Trend: Bearish below 50-hour MA

Technical levels

GBP/USD

Overview
Today last price	1.2915
Today Daily Change	-0.0059
Today Daily Change %	-0.45
Today daily open	1.2974

Trends
Daily SMA20	1.2467
Daily SMA50	1.2341
Daily SMA100	1.2422
Daily SMA200	1.2716

Levels
Previous Daily High	1.2988
Previous Daily Low	1.2839
Previous Weekly High	1.299
Previous Weekly Low	1.2515
Previous Monthly High	1.2583
Previous Monthly Low	1.1958
Daily Fibonacci 38.2%	1.2931
Daily Fibonacci 61.8%	1.2896
Daily Pivot Point S1	1.2879
Daily Pivot Point S2	1.2784
Daily Pivot Point S3	1.273
Daily Pivot Point R1	1.3029
Daily Pivot Point R2	1.3083
Daily Pivot Point R3	1.3178

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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