GBP/USD Technical Analysis: Struggles to find acceptance above a descending trend-line
• The pair's strong intraday up-move struggled to find acceptance above a short-term descending trend-line, extending from Nov. 23-29 tops through overnight swing high.
• Meanwhile, the pair's repeated failures to sustain/build on the positive momentum further beyond 200-hour EMA points to persistent selling interest at higher levels.
• Technical indicators on hourly charts have been gaining some traction but are yet to catch up with the positive momentum on the daily chart, further warranting some caution.
• Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned trend-line resistance before positioning for any further near-term recovery.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.2804
Today Daily change: 76 pips
Today Daily change %: 0.597%
Today Daily Open: 1.2728
Trends:
Previous Daily SMA20: 1.2871
Previous Daily SMA50: 1.2962
Previous Daily SMA100: 1.2972
Previous Daily SMA200: 1.3311
Levels:
Previous Daily High: 1.2826
Previous Daily Low: 1.2699
Previous Weekly High: 1.2864
Previous Weekly Low: 1.2725
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2747
Previous Daily Fibonacci 61.8%: 1.2777
Previous Daily Pivot Point S1: 1.2676
Previous Daily Pivot Point S2: 1.2624
Previous Daily Pivot Point S3: 1.2549
Previous Daily Pivot Point R1: 1.2803
Previous Daily Pivot Point R2: 1.2878
Previous Daily Pivot Point R3: 1.293