“¢ The pair found decent support near the 200-hour SMA and rallied nearly 100-pips from sub-1.3100 level, filling the Brexit news-led weekly bearish gap.
“¢ The positive momentum faced rejection near 50-hour SMA, albeit weaker US retail sales data undermined the USD demand and helped limit any immediate sharp fall.
“¢ Meanwhile, technical indicators on the hourly chart have started losing positive momentum and thus, increase prospects for an extension of the rejection slide.
“¢ However, it would be prudent to wait for a convincing break through 200-hour SMA support (the 1.3100 handle) before positioning for any further downfall.
“¢ Alternatively, a sustained move beyond 50-hour SMA barrier (the 1.3180 region) might negate any near-term bearish bias and assist the pair to climb further.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.3158
Daily change: 3.0 pips
Daily change: 0.0228%
Daily Open: 1.3155
Trends:
Daily SMA20: 1.3114
Daily SMA50: 1.2982
Daily SMA100: 1.3101
Daily SMA200: 1.3491
Levels:
Daily High: 1.326
Daily Low: 1.3146
Weekly High: 1.326
Weekly Low: 1.3028
Monthly High: 1.33
Monthly Low: 1.2922
Daily Fibonacci 38.2%: 1.319
Daily Fibonacci 61.8%: 1.3216
Daily Pivot Point S1: 1.3114
Daily Pivot Point S2: 1.3074
Daily Pivot Point S3: 1.3001
Daily Pivot Point R1: 1.3227
Daily Pivot Point R2: 1.33
Daily Pivot Point R3: 1.334
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