GBP/USD technical analysis: On the back foot below short-term key resistance

GBP/USD holds below 10-day EMA, 23.6% Fibonacci retracement.
14-day old rising trend-line gains sellers attention.

Anil Panchal FXStreet

GBP/USD stays under near-term key resistance-confluence as it takes the rounds to 1.2185 by early Friday's morning session in Asia.

In addition to the pair’s sustained trading below the 10-day exponential moving average (EMA) and 23.6% Fibonacci retracement level of June-August declines, a gradual softening of 12-bar moving average convergence and divergence (MACD) histogram also portrays the underlying weakness in price momentum.

With this, sellers eye an upward sloping trend-line since August 12, near 1.2130, as immediate support whereas 1.2100 and monthly low of 1.2015 can please them afterward.

Alternatively, an upside break of 1.2200 resistance-mark can propel prices to 38.2% Fibonacci retracement and the weekly high surrounding 1.2310.

It should, however, be noted that pair’s run-up beyond 1.2310 enables it to conquer 50-day EMA level of 1.2332 while July 17 low of 1.2382 likely gaining GBP/USD buyers’ attention then after.

GBP/USD daily chart

Trend: bearish

Additional important levels

Overview
Today last price	1.2184
Today Daily Change	-28 pips
Today Daily Change %	-0.23%
Today daily open	1.2212

Trends
Daily SMA20	1.2151
Daily SMA50	1.2372
Daily SMA100	1.2604
Daily SMA200	1.2772

Levels
Previous Daily High	1.2293
Previous Daily Low	1.2156
Previous Weekly High	1.2294
Previous Weekly Low	1.2064
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2208
Daily Fibonacci 61.8%	1.2241
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2083
Daily Pivot Point S3	1.201
Daily Pivot Point R1	1.2285
Daily Pivot Point R2	1.2358
Daily Pivot Point R3	1.2422

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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