GBP/USD technical analysis: Upside remains capped, break of 1.2685 can trigger fresh declines

Multiple upside resistance-lines stand tall to question the pair’s recent recovery.
Bears can jump back should prices break latest lows.

Anil Panchal FXStreet

GBP/USD's latest bounce off 1.2685 isn’t strongly indicating the pair’s strength as it takes the rounds near 1.2715 ahead of the UK markets open on Wednesday.

The pair needs to surpass near-term trend-line resistance, near 1.2795/1.2800, in order to aim for another resistance-line around 1.2870/75.

Should there be an increase upside bias past-1.2875, 50% Fibonacci retracement of present month downturn at 1.2935 and 61.8% Fibonacci retracement level of 1.2990 can please buyers.

Meanwhile, a downside break of 1.2685 can trigger the quote’s fresh south-run towards January 15 low at 1.2672 and 1.2600 round-figure.

GBP/USD hourly chart

Trend: Bearish

additional important levels

Overview
Today last price	1.2714
Today Daily Change	8 pips
Today Daily Change %	0.06%
Today daily open	1.2706

Trends
Daily SMA20	1.2939
Daily SMA50	1.3046
Daily SMA100	1.3016
Daily SMA200	1.2958

Levels
Previous Daily High	1.2815
Previous Daily Low	1.2685
Previous Weekly High	1.3042
Previous Weekly Low	1.2711
Previous Monthly High	1.3196
Previous Monthly Low	1.2865
Daily Fibonacci 38.2%	1.2735
Daily Fibonacci 61.8%	1.2765
Daily Pivot Point S1	1.2656
Daily Pivot Point S2	1.2605
Daily Pivot Point S3	1.2526
Daily Pivot Point R1	1.2786
Daily Pivot Point R2	1.2865
Daily Pivot Point R3	1.2916

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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