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GBP/USD Technical Analysis: Focus on today’s close after bearish outside day

Whether GBP/USD will extend the ongoing recovery rally or fall back below 1.26 depends on where the pair closes today.

Daily chart

Cable carved out a bearish outside reversal candle on Tuesday. Put simply, the day began with optimism but ended on a pessimistic note.  As a result, that candlestick pattern is considered an early sign of bearish reversal.

A close below 1.2707 (low of the bearish outside reversal) would imply an end of the corrective bounce from the recent low of 1.2373 and put the GBP bears back into the driver’s seat.

On the other hand, a close above 1.2797 (yesterday’s high) would signal a continuation of the recovery rally and open the doors to test of supply around the long-term falling trendline hurdle, currently at 1.29.

Trend: Neutral

GBP/USD

Overview:
       Today Last Price:  1.274
       Today Daily change:  20  pips
       Today Daily change %:  0.157%
       Today Daily Open:  1.272
Trends:
       Previous Daily SMA20:  1.2672
       Previous Daily SMA50:  1.2773
       Previous Daily SMA100:  1.2896
       Previous Daily SMA200:  1.3143
Levels:
       Previous Daily High:  1.2798
       Previous Daily Low:  1.2706
       Previous Weekly High:  1.2815
       Previous Weekly Low:  1.2438
       Previous Monthly High:  1.284
       Previous Monthly Low:  1.2477
       Previous Daily Fibonacci 38.2%:  1.2741
       Previous Daily Fibonacci 61.8%:  1.2763
       Previous Daily Pivot Point S1:  1.2685
       Previous Daily Pivot Point S2:  1.265
       Previous Daily Pivot Point S3:  1.2594
       Previous Daily Pivot Point R1:  1.2777
       Previous Daily Pivot Point R2:  1.2833
       Previous Daily Pivot Point R3:  1.2868

 

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