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.

Anil Panchal FXStreet

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

additional important levels

Overview
Today last price	1.2186
Today Daily Change	4 pips
Today Daily Change %	0.03%
Today daily open	1.2182

Trends
Daily SMA20	1.2153
Daily SMA50	1.2362
Daily SMA100	1.2595
Daily SMA200	1.2768

Levels
Previous Daily High	1.2233
Previous Daily Low	1.2172
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2195
Daily Fibonacci 61.8%	1.221
Daily Pivot Point S1	1.2158
Daily Pivot Point S2	1.2135
Daily Pivot Point S3	1.2097
Daily Pivot Point R1	1.2219
Daily Pivot Point R2	1.2257
Daily Pivot Point R3	1.228

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.

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.