GBP/USD Technical Analysis: Weekly chart indicates buyer exhaustion

Long upper wicks attached to GBP/USD weekly candles are signaling bullish exhaustion.
The daily chart is showing a lower highs setup.

Omkar Godbole FXStreet Contributor

GBP/USD is operating on slippery grounds and could drop below the psychological support of 1.30.

The back-to-back weekly candles with long upper shadows are signaling buyer exhaustion above 1.32. Also, these weekly candles indicate a failure on the part of the bulls to secure a close above the resistance of the trendline sloping downwards from 2014 and 2018 highs.

Further, the 5-week average has topped out and is trending south and the pair has established a lower high at 1.3284 on the daily chart.

So, the path of least resistance appears to be on the downside. A close above 1.3250 (lower high) is needed to confirm a bullish reversal. At press time, the pair is trading at 1.3035, representing moderate losses on the day.

Weekly chart

Trend: Bearish

Technical levels

GBP/USD

Overview
Today last price	1.3035
Today Daily Change	-0.0022
Today Daily Change %	-0.17
Today daily open	1.3056

Trends
Daily SMA20	1.3091
Daily SMA50	1.3017
Daily SMA100	1.2755
Daily SMA200	1.2692

Levels
Previous Daily High	1.3098
Previous Daily Low	1.3042
Previous Weekly High	1.3213
Previous Weekly Low	1.3013
Previous Monthly High	1.3515
Previous Monthly Low	1.2896
Daily Fibonacci 38.2%	1.3064
Daily Fibonacci 61.8%	1.3077
Daily Pivot Point S1	1.3033
Daily Pivot Point S2	1.301
Daily Pivot Point S3	1.2978
Daily Pivot Point R1	1.3088
Daily Pivot Point R2	1.3121
Daily Pivot Point R3	1.3144

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.