“¢ The pair had been struggling to find acceptance above 38.2% Fibonacci retracement level of last week’s sharp fall and failed ahead of 100-hour SMA, retreating sharply to sub-1.2800 level in the last hour.
“¢ Technical indicators on the 1-hourly chart have turned neutral but are yet to recover from the bearish territory on 4-hourly/daily charts and thus, have failed to support any firm intraday directional bias.
“¢ Hence, traders are likely to wait for a sustained move beyond the 1.2890-1.2900 confluence hurdle – comprising of 100-hour SMA and 50% Fibonacci retracement level, before positioning for any further recovery.
“¢ Alternatively, a follow-through selling below the 1.2800 handle might negate prospects for any further recovery and turn the pair vulnerable to resume with its prior depreciating move.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Last Price: 1.2872
Daily change: 43 pips
Daily change: 0.335%
Daily Open: 1.2829
Trends:
Daily SMA20: 1.2922
Daily SMA50: 1.3031
Daily SMA100: 1.3019
Daily SMA200: 1.3374
Levels:
Daily High: 1.2878
Daily Low: 1.2759
Weekly High: 1.3074
Weekly Low: 1.2724
Monthly High: 1.326
Monthly Low: 1.2696
Daily Fibonacci 38.2%: 1.2833
Daily Fibonacci 61.8%: 1.2805
Daily Pivot Point S1: 1.2765
Daily Pivot Point S2: 1.2702
Daily Pivot Point S3: 1.2646
Daily Pivot Point R1: 1.2885
Daily Pivot Point R2: 1.2942
Daily Pivot Point R3: 1.3005
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