GBP/USD Technical Analysis: Focus on today's close after bearish outside day
Whether GBP/USD will extend the ongoing recovery rally or fall back below 1.26 depends on where the pair closes today.
Cable carved out a bearish outside reversal candle on Tuesday. Put simply, the day began with optimism but ended on a pessimistic note. As a result, that candlestick pattern is considered an early sign of bearish reversal.
A close below 1.2707 (low of the bearish outside reversal) would imply an end of the corrective bounce from the recent low of 1.2373 and put the GBP bears back into the driver's seat.
On the other hand, a close above 1.2797 (yesterday's high) would signal a continuation of the recovery rally and open the doors to test of supply around the long-term falling trendline hurdle, currently at 1.29.
Today Last Price: 1.274
Today Daily change: 20 pips
Today Daily change %: 0.157%
Today Daily Open: 1.272
Previous Daily SMA20: 1.2672
Previous Daily SMA50: 1.2773
Previous Daily SMA100: 1.2896
Previous Daily SMA200: 1.3143
Previous Daily High: 1.2798
Previous Daily Low: 1.2706
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%: 1.2741
Previous Daily Fibonacci 61.8%: 1.2763
Previous Daily Pivot Point S1: 1.2685
Previous Daily Pivot Point S2: 1.265
Previous Daily Pivot Point S3: 1.2594
Previous Daily Pivot Point R1: 1.2777
Previous Daily Pivot Point R2: 1.2833
Previous Daily Pivot Point R3: 1.2868