GBP/USD technical analysis: Firmer in Asia, falling channel breakout on 15-min

GBP/USD's 15-min chart is reporting a bearish channel breakout.
The breakout may be short-lived, as the daily chart is reporting oversold conditions.

Omkar Godbole FXStreet Contributor

GBP/USD is currently trading at 1.3357, representing a 20-pip gain on the day.

The minor move upwards has confirmed a descending channel breakout on the 15-minute chart.

The pattern indicates the pullback from the 19-month high of 1.3315 reached on Friday has ended and a fresh move toward 1.34 could be in the offing.

The breakout, however, could end up trapping the buyers on the wrong side of the market, as the long upper wick attached to Friday's candle is signaling buyer exhaustion.

Further, the pair is looking most overbought since January 2018, according to the 14-day relative strength index (RSI).

As a result, the probability of a fall back to 1.33 is high.

15-min chart

Trend: Overbought

Technical levels

GBP/USD

Overview
Today last price	1.3358
Today Daily Change	0.0020
Today Daily Change %	0.10
Today daily open	1.3344

Trends
Daily SMA20	1.3024
Daily SMA50	1.2877
Daily SMA100	1.2565
Daily SMA200	1.2699

Levels
Previous Daily High	1.3515
Previous Daily Low	1.3149
Previous Weekly High	1.3515
Previous Weekly Low	1.3051
Previous Monthly High	1.2986
Previous Monthly Low	1.2769
Daily Fibonacci 38.2%	1.3375
Daily Fibonacci 61.8%	1.3289
Daily Pivot Point S1	1.3157
Daily Pivot Point S2	1.297
Daily Pivot Point S3	1.2791
Daily Pivot Point R1	1.3523
Daily Pivot Point R2	1.3702
Daily Pivot Point R3	1.389

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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