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.

Technical Levels

S1 1.2425
S2 12380
S3 1.2302

R1 1.2549
R2 1.2628
R3 1.2673

 

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