GBP/USD Technical Analysis: Bears positioning for a slide towards descending channel support, below mid-1.2700s
• The pair extended the previous session's sharp rejection slide from 200-hour SMA, or weekly tops, and dropped to fresh one-month lows in the last hour.
• Given the overnight fake breakout through over two-week-old descending trend-channel, the price action clearly points to persistent selling bias.
• Technical indicators on hourly charts maintained their bearish bias and have been gaining negative traction on the daily chart, reinforcing the negative outlook.
• Hence, a sustained weakness below the 1.2800 handle might prompt some fresh technical selling and pave the way for a test of the descending trend-channel support.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.2811
Today Daily change %: -0.29%
Today Daily Open: 1.2848
Trends:
Daily SMA20: 1.3
Daily SMA50: 1.2821
Daily SMA100: 1.2882
Daily SMA200: 1.3014
Levels:
Previous Daily High: 1.2959
Previous Daily Low: 1.2848
Previous Weekly High: 1.3103
Previous Weekly Low: 1.2854
Previous Monthly High: 1.3214
Previous Monthly Low: 1.2438
Daily Fibonacci 38.2%: 1.289
Daily Fibonacci 61.8%: 1.2917
Daily Pivot Point S1: 1.2811
Daily Pivot Point S2: 1.2773
Daily Pivot Point S3: 1.2699
Daily Pivot Point R1: 1.2922
Daily Pivot Point R2: 1.2997
Daily Pivot Point R3: 1.3034