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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

GBP/USD

Overview:
    Today Last Price: 1.2564
    Today Daily change: 67 pips
    Today Daily change %: 0.536%
    Today Daily Open: 1.2497
Trends:
    Previous Daily SMA20: 1.2769
    Previous Daily SMA50: 1.2913
    Previous Daily SMA100: 1.2946
    Previous Daily SMA200: 1.3275
Levels:
    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

 

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