Black Pipper

Forex Dreamers

GBP/USD: Focus on 200-hour SMA/23.6% fibo

The GBP/USD remains under strong selling pressure for the second consecutive session on Monday, with the pair currently trading at the daily low of 1.2425/20.

The pair fell below the 23.6% Fibo level of the 1.1958-1.2583 uptrend and the 200-hour SMA, which are close to the 1.2400 psychological level.

The technical indicators remain bearish on the 1-hour chart and should the above level fail to be successfully defended, selling pressure will increase.

The Bears then target a move to the 38.2% Fibo level of 1.2350/45 and the psychological mark of 1.2300.

On the other hand, there are resistors at 1.2460/65 and the psychological mark of 1.2500. If bids in this area can be overcome, the move up to 1.2525 and towards 1.2600 may continue.

Also read  AUD/USD: Fights over 50-day SMA for acceptance

Technical Levels

S1 1.2425
S2 12380
S3 1.2302

R1 1.2549
R2 1.2628
R3 1.2673

 

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