GBP/USD Technical Analysis: Defend 200-hour SMA/1.2700 mark post-UK macro data
• The pair remained under some selling pressure for the second consecutive session, albeit managed to hold its neck above 200-hour SMA and the 1.2700 handle post-UK macro data dump.
• Given the recent failures to sustain/build on the momentum beyond the 1.2800 handle, a subsequent fall below the mentioned support should pave the way for a further near-term downfall.
• Meanwhile, technical indicators on hourly charts have drifted into the negative territory and have also been losing positive momentum on the daily chart, adding credence to the bearish bias.
• Hence, a follow-through weakness towards 1.2655-50 intermediate zone en-route the 1.2610-1.2600 region, led by some fresh technical selling below the 1.2700 mark, looks a distinct possibility.
GBP/USD 1-hourly chart
Today Last Price: 1.2725
Today Daily change: -21 pips
Today Daily change %: -0.165%
Today Daily Open: 1.2746
Previous Daily SMA20: 1.2682
Previous Daily SMA50: 1.2769
Previous Daily SMA100: 1.2894
Previous Daily SMA200: 1.313
Previous Daily High: 1.2805
Previous Daily Low: 1.2728
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%: 1.2776
Previous Daily Pivot Point S1: 1.2714
Previous Daily Pivot Point S2: 1.2682
Previous Daily Pivot Point S3: 1.2637
Previous Daily Pivot Point R1: 1.2791
Previous Daily Pivot Point R2: 1.2837
Previous Daily Pivot Point R3: 1.2869