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GBP/USD Technical Analysis: Retests 1.2600 handle and rebounds, focus remains on the Fed

   •  The pair extended its intraday retracement slide and dropped back to retest an ascending trend-line resistance break-point, now turned support near the 1.2600 handle.

   •  A break below 100-hour and 200-hour SMA confluence region was seen as a key trigger behind the pair's latest leg of a sharp decline during the early North-American session.

   •  Technical indicators on hourly charts have just started drifting into the negative territory and maintained their bearish bias on the daily charts, presenting a weaker outlook. 

   •  A follow-through weakness back below the 1.2600 handle might trigger some aggressive technical selling and turn the pair vulnerable to resume with its prior bearish trend.

GBP/USD 1-hourly chart

GBP/USD

Overview:
    Today Last Price: 1.2622
    Today Daily change: -15 pips
    Today Daily change %: -0.119%
    Today Daily Open: 1.2637
Trends:
    Previous Daily SMA20: 1.2714
    Previous Daily SMA50: 1.287
    Previous Daily SMA100: 1.2921
    Previous Daily SMA200: 1.3244
Levels:
    Previous Daily High: 1.2706
    Previous Daily Low: 1.2608
    Previous Weekly High: 1.276
    Previous Weekly Low: 1.2477
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2669
    Previous Daily Fibonacci 61.8%: 1.2646
    Previous Daily Pivot Point S1: 1.2594
    Previous Daily Pivot Point S2: 1.2552
    Previous Daily Pivot Point S3: 1.2496
    Previous Daily Pivot Point R1: 1.2693
    Previous Daily Pivot Point R2: 1.2749
    Previous Daily Pivot Point R3: 1.2791

 

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