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.
• 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.
Today Last Price: 1.2743
Today Daily change: -27 pips
Today Daily change %: -0.211%
Today Daily Open: 1.277
Previous Daily SMA20: 1.2661
Previous Daily SMA50: 1.2773
Previous Daily SMA100: 1.2897
Previous Daily SMA200: 1.3149
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