#GBPUSD @ 1.23270 Price Analysis: Bears attack adjacent support near 1.2300, UK Retail Sales eyed, @nehcap view: Limited downside expected (Pivot Orderbook analysis)
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The pair currently trades last at 1.23270.
The previous day high was 1.2387 while the previous day low was 1.2308. The daily 38.2% Fib levels comes at 1.2338, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2357, expected to provide resistance.
GBP/USD remains on the back foot at a two-month bottom as sellers prod a short-term support line ahead of the key UK Retail Sales data on early Friday. In doing so, the Pound Sterling struggles to extend the three-day losing streak around 1.2320-15 by the press time.
That said, the UK Retail Sales for April, expected 0.3% MoM versus -0.9% prior, can join the aforementioned two-week-old support line and nearly oversold RSI (14) line to challenge the Cable pair sellers.
However, a downward-sloping resistance line from May 10, close to 1.2370 at the latest, could challenge the GBP/USD pair’s further recovery.
Even if the Cable pair remains firmer past 1.2370, the 50-DMA hurdle of around 1.2435 may act as the last defense of the bears before giving control to the bulls.
On the flip side, a clear break of the immediate support line near 1.2300 could aim for the 100-DMA support of 1.2285.
Following that, a horizontal area comprising levels marked since March 13 and the 61.8% Fibonacci retracement of its March-May upside, respectively around 1.2190-85 and 1.2140 in that order, could challenge the GBP/USD bears.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2323 at the time of writing. Pair opened at 1.2321 and is trading with a change of 0.02% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2323 |
| 1 | Today Daily Change | 0.0002 |
| 2 | Today Daily Change % | 0.02% |
| 3 | Today daily open | 1.2321 |
The pair is trading below its 20 Daily moving average @ 1.2501, below its 50 Daily moving average @ 1.2432 , above its 100 Daily moving average @ 1.2285 and above its 200 Daily moving average @ 1.1976
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2501 |
| 1 | Daily SMA50 | 1.2432 |
| 2 | Daily SMA100 | 1.2285 |
| 3 | Daily SMA200 | 1.1976 |
The previous day high was 1.2387 while the previous day low was 1.2308. The daily 38.2% Fib levels comes at 1.2338, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2357, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.229, 1.226, 1.2211
- Pivot resistance is noted at 1.237, 1.2418, 1.2449
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2387 |
| Previous Daily Low | 1.2308 |
| Previous Weekly High | 1.2547 |
| Previous Weekly Low | 1.2392 |
| Previous Monthly High | 1.2584 |
| Previous Monthly Low | 1.2275 |
| Daily Fibonacci 38.2% | 1.2338 |
| Daily Fibonacci 61.8% | 1.2357 |
| Daily Pivot Point S1 | 1.2290 |
| Daily Pivot Point S2 | 1.2260 |
| Daily Pivot Point S3 | 1.2211 |
| Daily Pivot Point R1 | 1.2370 |
| Daily Pivot Point R2 | 1.2418 |
| Daily Pivot Point R3 | 1.2449 |
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