• The pair continued with its struggle to sustain/build on the strength beyond 200-hour EMA, with the intraday bullish momentum failing ahead of the 1.2800 mark.
• The mentioned handle nears a short-term descending trend-line resistance, extending from Nov. 23 daily swing highs and might continue to act as stiff resistance.
• Technical indicators on the 1-hourly chart have been gaining traction but maintained their bearish bias on 4-hourly/daily chart and should thus, cap any meaningful up-move.
• Hence, it would be prudent to wait for a sustained move beyond the mentioned barriers before traders start positioning for any further near-term positive momentum.
GBP/USD 1-hourly chart
Today Last Price: 1.2776
Today Daily change: 65 pips
Today Daily change %: 0.511%
Today Daily Open: 1.2711
Previous Daily SMA20: 1.2852
Previous Daily SMA50: 1.2952
Previous Daily SMA100: 1.2968
Previous Daily SMA200: 1.3304
Previous Daily High: 1.284
Previous Daily Low: 1.2659
Previous Weekly High: 1.2864
Previous Weekly Low: 1.2725
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2728
Previous Daily Fibonacci 61.8%: 1.2771
Previous Daily Pivot Point S1: 1.2633
Previous Daily Pivot Point S2: 1.2555
Previous Daily Pivot Point S3: 1.2452
Previous Daily Pivot Point R1: 1.2815
Previous Daily Pivot Point R2: 1.2918
Previous Daily Pivot Point R3: 1.2996