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
Today Last Price: 1.2622
Today Daily change: -15 pips
Today Daily change %: -0.119%
Today Daily Open: 1.2637
Previous Daily SMA20: 1.2714
Previous Daily SMA50: 1.287
Previous Daily SMA100: 1.2921
Previous Daily SMA200: 1.3244
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