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GBP/USD Technical Analysis: 1.2800 unlikely to see much bullish momentum

  • Intraday GBP/USD action sees the Cable sharply off of near-term highs with market flows getting driven purely by Brexit headlines.
  • GBP/USD Forecast: UK political turmoil adds to Brexit uncertainties and should now cap any meaningful up-move

GBP/USD Chart, 5-Minute

  • The past couple of weeks have seen the impact of Brexit wrangling on the GBP/USD, with the pair knocking to the downside of 1.2800, and bullish recovery attempts are quickly running into overbought near-term technical indicators.

GBP/USD Chart, 30-Minute

  • The past two months shows the GBP/USD dipping into critical lows near late October’s bottoms, and despite the technical leaning for a bullish recovery, a steady stream of Brexit headlines will make it difficult for intraday buyers to bid the Cable safely, and charts are showing safety in a medium-term bearish stance.

GBP/USD Chart, 4-Hour

GBP/USD

Overview:
       Last Price:  1.2808
       Daily change:  30  pips
       Daily change:  0.235%
       Daily Open:  1.2778
Trends:
       Daily SMA20:  1.2934
       Daily SMA50:  1.3033
       Daily SMA100:  1.3023
       Daily SMA200:  1.3379
Levels:
       Daily High:  1.3032
       Daily Low:  1.2724
       Weekly High:  1.3176
       Weekly Low:  1.2958
       Monthly High:  1.326
       Monthly Low:  1.2696
       Daily Fibonacci 38.2%:  1.2841
       Daily Fibonacci 61.8%:  1.2914
       Daily Pivot Point S1:  1.2657
       Daily Pivot Point S2:  1.2537
       Daily Pivot Point S3:  1.235
       Daily Pivot Point R1:  1.2965
       Daily Pivot Point R2:  1.3152
       Daily Pivot Point R3:  1.3273

 

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