GBP/USD Price Analysis: Manages to hold above 200-hour SMA, 1.2800 mark

GBP/USD witnessed some selling on Wednesday, albeit lacked any strong follow-through.
Mixed technical indicators on hourly/daily charts warrant some caution for bearish traders.

Haresh Menghani FXStreet

The GBP/USD pair maintained its offered tone through the early North American session, albeit has still managed to hold its neck above the 200-hour SMA.

Meanwhile, this week's goodish recovery move from the very important 200-day SMA stalled near a resistance marked by the top end of a three-week-old descending trend-channel. However, the lack of any strong follow-through selling warrants some caution for aggressive bearish traders.

Technical indicators on the daily chart maintained their negative bias, albeit are yet to confirm the bearish outlook on hourly charts. Hence, it will be prudent to wait for a sustained break below the 1.2800 mark (200-hour SMA) before positioning for the resumption of the recent bearish trend.

The GBP/USD pair migh then turn vulnerable and accelerate the fall further towards testing the 1.2735-30 intermediate support. The downward momentum has the potential to drag the pair back towards the 1.2700 mark en-route multi-weekly lows support near the 1.2675 region.

On the flip side, the 1.2900 mark now seems to have emerged as immediate strong support and is closely followed by the top end of the trend-channel, around the 1.2925-30 region. A convincing breakthrough will set the stage for a move towards conquering the key 1.3000 psychological mark.

GBP/USD 1-hourly chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.283
Today Daily Change	-0.0035
Today Daily Change %	-0.27
Today daily open	1.2865

Trends
Daily SMA20	1.2936
Daily SMA50	1.3024
Daily SMA100	1.2744
Daily SMA200	1.272

Levels
Previous Daily High	1.2903
Previous Daily Low	1.2823
Previous Weekly High	1.2967
Previous Weekly Low	1.2676
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2872
Daily Fibonacci 61.8%	1.2853
Daily Pivot Point S1	1.2824
Daily Pivot Point S2	1.2783
Daily Pivot Point S3	1.2744
Daily Pivot Point R1	1.2905
Daily Pivot Point R2	1.2944
Daily Pivot Point R3	1.2985

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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