OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD Technical analysis: Break below 50-hour SMA paves the way for further intraday slide

   •  The pair struggled to sustain/build on its positive momentum further beyond 50-day SMA and faced rejection near the 1.2800 handle, coinciding with 50% Fibo. level of the early Nov. to early Jan. downfall.

   •  The pair has now slipped below 50-hour SMA, also marking the lower end of a trading range held over the past 24-hour or so, and thus, remains poised extend the intraday weakness amid a modest USD uptick. 

GBP/USD daily chart

   •  Meanwhile, technical indicators on the 1-hourly chart have already started gaining bearish traction and add credence to the negative outlook, though bullish oscillators on 4-hourly/daily chart should limit downside. 

1-hourly chart

   •  The set-up clearly points to indecision over the pair's next leg of a directional move ahead of the UK parliament debate on the PM May's Brexit deal, scheduled to resume on Wednesday, and a meaningful vote.

GBP/USD

Overview:
    Today Last Price: 1.2743
    Today Daily change: -27 pips
    Today Daily change %: -0.211%
    Today Daily Open: 1.277
Trends:
    Previous Daily SMA20: 1.2661
    Previous Daily SMA50: 1.2773
    Previous Daily SMA100: 1.2897
    Previous Daily SMA200: 1.3149
Levels:
    Previous Daily High: 1.2788
    Previous Daily Low: 1.2707
    Previous Weekly High: 1.2815
    Previous Weekly Low: 1.2438
    Previous Monthly High: 1.284
    Previous Monthly Low: 1.2477
    Previous Daily Fibonacci 38.2%: 1.2757
    Previous Daily Fibonacci 61.8%: 1.2738
    Previous Daily Pivot Point S1: 1.2722
    Previous Daily Pivot Point S2: 1.2674
    Previous Daily Pivot Point S3: 1.2642
    Previous Daily Pivot Point R1: 1.2803
    Previous Daily Pivot Point R2: 1.2835
    Previous Daily Pivot Point R3: 1.2883

 

Canada: Trade deficit increases to $2.1 billion in November as exports decline 2.9%

"Canadian exports fell 2.9% in November, mainly on lower crude oil exports, while imports decreased 0.5%," Statistics Canada reported on Tuesday and a
Read more Previous

Russia: Sanctions remain one of the biggest risks – ABN AMRO

Nora Neuteboom, economist at ABN AMRO, suggests that the unpredictability of further US sanctions against Russia continues to dampen investor confiden
Read more Next
Start livechat