- For the second consecutive session, the pair struggled to build on its intraday positive momentum and started retreating from 100-hour SMA hurdle near the 1.2670-75 region.
- Technical indicators on hourly/daily charts have been recovering from the bearish territory but are still far from supporting prospects for any further near-term positive move.
GBP/USD 1-hourly chart
Looking at the daily chart, the pair has been oscillating within a broader trading range over the past 1-1/2 week, suggesting indecision over the near-term trajectory.
Hence, it would be prudent to wait for a decisive break through the mentioned trading band before traders start positioning for the pair's next leg of a directional move.
Daily chart
Overview:
Today Last Price: 1.2654
Today Daily change: 0.0 pips
Today Daily change %: 0.00%
Today Daily Open: 1.2654
Trends:
Previous Daily SMA20: 1.2663
Previous Daily SMA50: 1.28
Previous Daily SMA100: 1.29
Previous Daily SMA200: 1.3199
Levels:
Previous Daily High: 1.2676
Previous Daily Low: 1.2616
Previous Weekly High: 1.2708
Previous Weekly Low: 1.2574
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2653
Previous Daily Fibonacci 61.8%: 1.2639
Previous Daily Pivot Point S1: 1.2622
Previous Daily Pivot Point S2: 1.2589
Previous Daily Pivot Point S3: 1.2562
Previous Daily Pivot Point R1: 1.2681
Previous Daily Pivot Point R2: 1.2708
Previous Daily Pivot Point R3: 1.274
Source: https://www.fxstreet.com/news/gbp-usd-t ... 1812280859
