GBP/USD Price Analysis: Portrays falling wedge on hourly chart below 1.2200

GBP/SD extends recoveries from 1.2162 to intraday high of 1.2191.
200-HMA adds to the upside resistance.
Bears can refresh monthly low amid a gradual weakening.

Anil Panchal FXStreet

GBP/USD rises to 1.2191, up 0.15% on a day, during Monday’s Asian session. In doing so, the Cable pair extends its recoveries from Friday’s low of 1.2162 while staying inside a bullish chart formation.

Considering the pair’s sustained trading below 200-HMA, bulls are less likely to enter immediately on the upside break of falling wedge resistance, at 1.2200 now.

However, a successful break of 1.2215, comprising 200-HMA, could propel the quote towards the last weekly top near 1.2300.

Meanwhile, a downside break below the formation’s support line of 1.2148 could challenge the monthly low near 1.2075.

Though, the pair’s extended fall below 1.2075 might not hesitate to challenge 1.2000 round-figures.

GBP/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2188
Today Daily Change	14 pips
Today Daily Change %	0.11%
Today daily open	1.2174

Trends
Daily SMA20	1.2334
Daily SMA50	1.2274
Daily SMA100	1.2623
Daily SMA200	1.2666

Levels
Previous Daily High	1.2234
Previous Daily Low	1.2162
Previous Weekly High	1.2296
Previous Weekly Low	1.2076
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2189
Daily Fibonacci 61.8%	1.2206
Daily Pivot Point S1	1.2146
Daily Pivot Point S2	1.2118
Daily Pivot Point S3	1.2074
Daily Pivot Point R1	1.2218
Daily Pivot Point R2	1.2262
Daily Pivot Point R3	1.229

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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