OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD Price Analysis: Aims to revisit 200-hour SMA, immediate support trendline

  • GBP/USD pulls back from 50% Fibonacci retracement.
  • A two-week-old falling trend line adds to the resistance.
  • 1.3000 round-figure will also play its role as the support.

GBP/USD registers mild losses while trading around 1.3045 during Wednesday’s Asian session. The pair earlier reversed from 50% Fibonacci retracement of its fall from January 07 to 14.

With this, sellers eye 200-hour SMA level of 1.3030 as the immediate support ahead of the two-day-old rising trend line, at 1.3015. Also supporting the pair will be 1.3000 mark.

In a case where the bears dominate below 1.3000, the monthly low surrounding 1.2955 will return to the chart.

On the upside, pair’s break of 50% Fibonacci retracement, at 1.3085, needs to clear short-term falling resistance line, near 1.3105, to justify its strength in challenging 61.8% of Fibonacci retracement around 1.3115.

If at all prices remain strong beyond 1.3115, 1.3165 and 1.3200 could lure the bulls.

GBP/USD hourly chart

Trend: Bearish

 

US Republicans blocked the Democrats' move to subpoena state department documents

The US Senate Republicans blocked the Democrats' move to subpoena state department documents for the US President Trump impeachment trial. More to com
Read more Previous

Australia: Consumer Sentiment falls further – Westpac

Following the release of Australia’s Westpac Consumer Confidence data for January, -1.8% versus -0.8% expected, analysts at the institutional bank cit
Read more Next
Start livechat