#GBPUSD @ 1.20179 is dropping 0.20% on Thursdays as bears eye 1.2000. (Pivot Orderbook analysis)

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• GBP/USD is dropping 0.20% on Thursdays as bears eye 1.2000.
• On its way down, the GBP/USD fell below the 100-day EMA, which exacerbated a test of 1.1991.

The pair currently trades last at 1.20179.

The previous day high was 1.2135 while the previous day low was 1.2035. The daily 38.2% Fib levels comes at 1.2073, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2097, expected to provide resistance.

The GBP/USD tumbles below the 100-day Exponential Moving Average (EMA) as Wall Street prepares for Thursday’s close, with decent gains on a risk-on impulse. In the FX space, the US Dollar (USD) exerts pressure on most G8 currency pairs, particularly the Pound Sterling (GBP). At the time of writing, the GBP/USD is trading at 1.2018, below its opening price.

After hitting a daily high of 1.2074, the GBP/USD retreated and broke below 1.2036, the 100-day EMA, on its way to the day’s lows at 1.1991. However, the GBP/USD recovered some ground and reclaimed the 1.2000 figure as the US Dollar softened.

From a daily chart perspective, the GBP/USD is neutral to downward biased, with all the long-term EMAs resting above the spot price. In addition, the Relative Strength Index (RSI) at bearish territory aims south, indicating that sellers are gathering momentum. Therefore, GBP/USD downside is expected.

If the GBP/USD falls below the 1.2000 figure, the next support would be the weekly low of 1.1985. A breach of the latter will expose a support trendline that passes around the February 14 low of 1.1914. That will set the stage for GBP/USD sellers to regain 1.1900.

As an alternate scenario, once the GBP/USD reclaims the 100-day EMA at 1.2036, that would open the door toward 1.2100, where the 20 and 100-day EMAs lie. A rally beyond that supply area and the 200-day EMA will be up for grabs at 1.2129.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2023 at the time of writing. Pair opened at 1.2043 and is trading with a change of -0.17 % .

The pair is trading below its 20 Daily moving average @ 1.2151, below its 50 Daily moving average @ 1.2156 , above its 100 Daily moving average @ 1.1923 and above its 200 Daily moving average @ 1.1935

The previous day high was 1.2135 while the previous day low was 1.2035. The daily 38.2% Fib levels comes at 1.2073, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2097, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2007, 1.197, 1.1906
• Pivot resistance is noted at 1.2108, 1.2172, 1.2209

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