GBP/USD Technical Analysis: Move beyond 1.2600 handle might still be seen as a selling opportunity
• The pair dropped a fresh 20-month low but once again managed to find decent support near 61.8% Fibonacci expansion level of Monday's steep decline and subsequent early rebound in the previous session.
• The strong intraday recovery helped clear a descending trend-line on the 1-hourly chart and lifted the pair further beyond 23.6% Fibonacci retracement level of Monday's sharp fall, closer to the 1.2600 handle.
• Technical indicators on the 1-hourly chart have been gaining positive traction and also recovering from the bearish territory on the 4-hourly chart though are yet to catch up with the momentum on the daily chart.
• Hence, any subsequent up-move beyond the 1.2600 handle would be seen as an opportunity to initiate some fresh bearish positions amid persistent Brexit uncertainties and the recent UK political developments.
GBP/USD 1-hourly chart
Today Last Price: 1.2564
Today Daily change: 67 pips
Today Daily change %: 0.536%
Today Daily Open: 1.2497
Previous Daily SMA20: 1.2769
Previous Daily SMA50: 1.2913
Previous Daily SMA100: 1.2946
Previous Daily SMA200: 1.3275
Previous Daily High: 1.2639
Previous Daily Low: 1.2481
Previous Weekly High: 1.284
Previous Weekly Low: 1.2659
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2542
Previous Daily Fibonacci 61.8%: 1.2579
Previous Daily Pivot Point S1: 1.2439
Previous Daily Pivot Point S2: 1.2381
Previous Daily Pivot Point S3: 1.2281
Previous Daily Pivot Point R1: 1.2598
Previous Daily Pivot Point R2: 1.2698
Previous Daily Pivot Point R3: 1.2756