“¢ The pair remained under some heavy selling pressure for the second consecutive session on Friday and extended this week’s retracement slide from three-week tops.
“¢ The post-FOMC slide through 100-hour SMA, and a subsequent break below 23.6% Fibo. level of the 1.2694-1.3175 recent up-move was seen as a key trigger for bearish traders.
“¢ Technical indicators on 4-hourly/daily charts have been losing positive momentum but have already drifted into oversold territory on the 1-hourly chart, warranting some consolidation.
“¢ Hence, it would be prudent to wait for the passage of today’s key data risk – the prelim UK Q3 GDP growth figures, before positioning for any further intraday depreciating move.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.3015
Daily change: -46 pips
Daily change: -0.352%
Daily Open: 1.3061
Trends:
Daily SMA20: 1.2987
Daily SMA50: 1.3032
Daily SMA100: 1.3037
Daily SMA200: 1.3409
Levels:
Daily High: 1.3152
Daily Low: 1.3045
Weekly High: 1.3042
Weekly Low: 1.2696
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.3086
Daily Fibonacci 61.8%: 1.3111
Daily Pivot Point S1: 1.302
Daily Pivot Point S2: 1.2979
Daily Pivot Point S3: 1.2914
Daily Pivot Point R1: 1.3127
Daily Pivot Point R2: 1.3192
Daily Pivot Point R3: 1.3233
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