Search ForexCrunch

   “¢   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

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