Home GBP/USD Technical Analysis: Hits fresh 2-week lows, bears eyeing descending channel support ahead of NFP
FXStreet News

GBP/USD Technical Analysis: Hits fresh 2-week lows, bears eyeing descending channel support ahead of NFP

   “¢   The pair retreated further from near eight-month tops and remained on the defensive for the seventh consecutive session, falling to two-week lows around mid-1.3000s in the last hour.

   “¢   The corrective slide has been along a well-established descending trend-channel formation on the 1-hourly chart amid persistent uncertainty over Britain’s exit from the European Union.

   “¢   The fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMAs, support prospects for an extension of the ongoing downward trajectory.

   “¢   However, oscillators on the daily chart have already lost positive momentum but have moved on the verge of falling into oversold zone on hourly charts, warranting caution for bearish traders.

   “¢   Hence, any subsequent slide seems more likely to find decent support near the 1.30 confluence region, comprising of 200-day SMA and 38.2% Fibo. level of the 1.2396-1.3350 recent upsurge.

GBP/USD 1-hourly chart

GBP/USD

Overview:
       Today Last Price:  1.3055
       Today Daily change:  -19  pips
       Today Daily change %:  -0.15%
       Today Daily Open:  1.3074
Trends:
       Daily SMA20:  1.3055
       Daily SMA50:  1.2965
       Daily SMA100:  1.2883
       Daily SMA200:  1.2988
Levels:
       Previous Daily High:  1.3187
       Previous Daily Low:  1.3068
       Previous Weekly High:  1.3351
       Previous Weekly Low:  1.3051
       Previous Monthly High:  1.3351
       Previous Monthly Low:  1.2773
       Daily Fibonacci 38.2%:  1.3113
       Daily Fibonacci 61.8%:  1.3141
       Daily Pivot Point S1:  1.3032
       Daily Pivot Point S2:  1.2991
       Daily Pivot Point S3:  1.2914
       Daily Pivot Point R1:  1.3151
       Daily Pivot Point R2:  1.3228
       Daily Pivot Point R3:  1.3269

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.