“¢ The pair extended its retracement slide from multi-month tops and remained under some heavy selling pressure for the fourth consecutive session on Tuesday.
“¢ The corrective slide has been along a descending trend-channel formation on the 1-hourly chart and every attempted recovery remained capped at 50-hour SMA.
“¢ The intraday fall has now dragged the pair to the trend-channel support, also coinciding with 23.6% Fibonacci retracement level of the 1.2396-1.3350 recent upsurge.
“¢ Technical indicators on hourly charts have been gaining negative momentum and losing positive traction on the daily chart, though managed to hold in the bullish territory.
“¢ Hence, it would be prudent to wait for a convincing break through the mentioned confluence support, and the 1.3100 handle before positioning for any further near-term downfall.
GBP/USD 1-hourly chart
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GBP/USD
Overview:
Today Last Price: 1.3121
Today Daily change: -55 pips
Today Daily change %: -0.42%
Today Daily Open: 1.3176
Trends:
Daily SMA20: 1.3026
Daily SMA50: 1.2936
Daily SMA100: 1.2882
Daily SMA200: 1.299
Levels:
Previous Daily High: 1.3269
Previous Daily Low: 1.3166
Previous Weekly High: 1.3351
Previous Weekly Low: 1.3051
Previous Monthly High: 1.3351
Previous Monthly Low: 1.2773
Daily Fibonacci 38.2%: 1.3205
Daily Fibonacci 61.8%: 1.323
Daily Pivot Point S1: 1.3139
Daily Pivot Point S2: 1.3101
Daily Pivot Point S3: 1.3035
Daily Pivot Point R1: 1.3242
Daily Pivot Point R2: 1.3307
Daily Pivot Point R3: 1.3345
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