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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.

Daily chart

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.

Trend: Neutral

GBP/USD

Overview:
    Today Last Price: 1.274
    Today Daily change: 20 pips
    Today Daily change %: 0.157%
    Today Daily Open: 1.272
Trends:
    Previous Daily SMA20: 1.2672
    Previous Daily SMA50: 1.2773
    Previous Daily SMA100: 1.2896
    Previous Daily SMA200: 1.3143
Levels:
    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

 

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