fxs_header_sponsor_anchor

News

GBP/USD technical analysis: Inside falling channel below 100-HMA

  • GBP/USD struggles around 50% Fibonacci retracement of August 20-27 rise.
  • The two-day-old declining channel, price below 100-HMA portrays the momentum weakness.
  • 61.8% Fibonacci retracement, one-week long downward sloping trend-line become the key immediate supports.

GBP/USD takes the rounds to 50% Fibonacci retracement level as it flashes 1.2188 heading into Friday’s UK open.

While immediate descending trend channel’s resistance, at 1.2220, and 100-hour moving average (HMA) level of 1.2230 are likely nearby key resistances, 23.6% Fibonacci retracement level of 1.2252 can exert downside pressure to the prices.

Given the buyers’ ability to conquer 1.2252, 1.2290 and recent high surrounding 1.2310 will appear on their watch-list.

Alternatively, one-week-old downward sloping trend-line, at 1.2130 follows channel’s support of 1.2163 and 61.8% Fibonacci retracement level of 1.2158 during the pair’s pullback.

If sellers dominate past-1.2130, August 22 low near 1.2110 and 1.2065 can please the bears.

GBP/USD hourly chart

Trend: bearish

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.