- The pair extended its retracement slide from multi-month tops and remained under some heavy selling pressure for the fourth consecutive session on Tuesday.
- The corrective slide has been along a descending trend-channel formation on the 1-hourly chart and every attempted recovery remained capped at 50-hour SMA.
- The intraday fall has now dragged the pair to the trend-channel support, also coinciding with 23.6% Fibonacci retracement level of the 1.2396-1.3350 recent upsurge.
- Technical indicators on hourly charts have been gaining negative momentum and losing positive traction on the daily chart, though managed to hold in the bullish territory.
Hence, it would be prudent to wait for a convincing break through the mentioned confluence support, and the 1.3100 handle before positioning for any further near-term downfall.
GBP/USD 1-hourly chart
Overview:
Today Last Price: 1.3121
Today Daily change: -55 pips
Today Daily change %: -0.42%
Today Daily Open: 1.3176
Trends:
Daily SMA20: 1.3026
Daily SMA50: 1.2936
Daily SMA100: 1.2882
Daily SMA200: 1.299
Levels:
Previous Daily High: 1.3269
Previous Daily Low: 1.3166
Previous Weekly High: 1.3351
Previous Weekly Low: 1.3051
Previous Monthly High: 1.3351
Previous Monthly Low: 1.2773
Daily Fibonacci 38.2%: 1.3205
Daily Fibonacci 61.8%: 1.323
Daily Pivot Point S1: 1.3139
Daily Pivot Point S2: 1.3101
Daily Pivot Point S3: 1.3035
Daily Pivot Point R1: 1.3242
Daily Pivot Point R2: 1.3307
Daily Pivot Point R3: 1.3345
Source: https://www.forexcrunch.com/gbp-usd-tec ... g-channel/
