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GBP/USD Technical Analysis: Is there fuel left in the bear tank?

  • GBP/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart.  
  • GBP/USD had a sharp pullback up this Wednesday piercing 1.2800 on an intraday basis but unable to keep prices above the level. Bulls would need a break of 1.2800 on a daily closing basis in order to gather some strength after the October selloff.  
  • The RSI and Stochastic indicators are below the 50 line while the MACD has crossed over from below the midline. All suggesting that a potential reversal up can be in the making on a break above 1.2800 figure in the coming sessions. On the flip side, failures at 1.2800 will keep the bearish bias intact.

GBP/USD 4-hour chart

Main trend:                      Bearish  

Resistance 1:                  1.2800 figure
Resistance 2:                  1.2854 October 29
Resistance 3:                  1.2900 figure
Resistance 4:                  1.2921 October 4 low

Support 1:                      1.2750 figure
Support 2:                      1.2700 figure
Support 3:                      1.2660 August low (2018 low)
Support 4:                      1.2589 June 21, 2017

Additional key levels at a glance:


       Last Price:  1.2758
       Daily change:  51  pips
       Daily change:  0.401%
       Daily Open:  1.2707
       Daily SMA20:  1.302
       Daily SMA50:  1.3018
       Daily SMA100:  1.3054
       Daily SMA200:  1.3447
       Daily High:  1.2814
       Daily Low:  1.2696
       Weekly High:  1.3092
       Weekly Low:  1.2777
       Monthly High:  1.33
       Monthly Low:  1.2786
       Daily Fibonacci 38.2%:  1.2741
       Daily Fibonacci 61.8%:  1.2769
       Daily Pivot Point S1:  1.2664
       Daily Pivot Point S2:  1.2621
       Daily Pivot Point S3:  1.2546
       Daily Pivot Point R1:  1.2781
       Daily Pivot Point R2:  1.2856
       Daily Pivot Point R3:  1.2899


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