“¢ The pair struggled to build on its early momentum to over one-week tops, levels just above 100-day SMA and has now eroded a major part of Friday’s strong gains.
“¢ The corrective slide dragged the pair below an important confluence support, comprising of 200-hour SMA and 38.2% Fibonacci retracement level of the 1.2922-1.3133 two-day up-move.
“¢ The selling pressure seems to have abated near 50% Fibo. level support, albeit bearish technical indicators on the 1-hourly chart point to an extension of the intraday slide.
“¢ A convincing break through the mentioned support, leading to a subsequent weakness below the 100-hour SMA might turn the pair vulnerable and negate prospects for any further appreciating move.
GBP/USD 1-hourly chart
GBP/USD
Overview:
Last Price: 1.3044
Daily change: -75 pips
Daily change: -0.572%
Daily Open: 1.3119
Trends:
Daily SMA20: 1.3088
Daily SMA50: 1.2973
Daily SMA100: 1.3111
Daily SMA200: 1.3499
Levels:
Daily High: 1.3123
Daily Low: 1.3003
Weekly High: 1.3123
Weekly Low: 1.2922
Monthly High: 1.33
Monthly Low: 1.2897
Daily Fibonacci 38.2%: 1.3077
Daily Fibonacci 61.8%: 1.3049
Daily Pivot Point S1: 1.304
Daily Pivot Point S2: 1.2962
Daily Pivot Point S3: 1.292
Daily Pivot Point R1: 1.316
Daily Pivot Point R2: 1.3202
Daily Pivot Point R3: 1.328