GBPUSD is maintaining a defensive stance near its lowest point of the day following three consecutive days of losses. According to Nehcap’s perspective, it is anticipated that any further decline will be limited.
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- GBP/USD stays defensive around intraday low after three-day losing streak.
The pair currently trades last at 1.30366.
The previous day high was 1.3126 while the previous day low was 1.3028. The daily 38.2% Fib levels comes at 1.3066, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3089, expected to provide resistance.
GBP/USD portrays the pre-data anxiety of the Cable pair traders as it seesaws around 1.3030 amid the early hours of Wednesday’s Asian session, following a three-day downtrend. In doing so, the Pound Sterling prods the bears jostling with the bulls who refreshed the 15-month high in the last week.
Also read: GBP/USD retreats below 1.3100 amid underwhelming US data, looming UK inflation report
That said, the previous day’s downside break of a fortnight-old support line, now immediate resistance around 1.3085, joins the bearish MACD signals to lure the GBP/USD sellers.
However, the 10-week-old resistance-turned-support line joins the 50-SMA to highlight the 1.3000-2985 region as a tough nut to crack for the Cable bears.
In a case where the Cable bears manage to conquer the 1.2985 support, backed by the downbeat UK Consumer Price Index (CPI) for June, the odds of witnessing a slump toward the previous monthly high of around 1.2850 can’t be ruled out.
Meanwhile, GBP/USD recovery needs validation from the support-turned-resistance line surrounding 1.3085 to convince the buyers.
Even so, the weekly resistance line of around 1.3125 and multiple levels marked during late 2021 and early 2022 around 1.3175-80 will restrict the Pound Sterling’s further upside.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.3032 at the time of writing. Pair opened at 1.3036 and is trading with a change of -0.03% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.3032 |
| 1 | Today Daily Change | -0.0004 |
| 2 | Today Daily Change % | -0.03% |
| 3 | Today daily open | 1.3036 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2823, 50 SMA 1.2637, 100 SMA @ 1.2481 and 200 SMA @ 1.2221.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2823 |
| 1 | Daily SMA50 | 1.2637 |
| 2 | Daily SMA100 | 1.2481 |
| 3 | Daily SMA200 | 1.2221 |
The previous day high was 1.3126 while the previous day low was 1.3028. The daily 38.2% Fib levels comes at 1.3066, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.3089, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.3001, 1.2966, 1.2903
- Pivot resistance is noted at 1.3099, 1.3161, 1.3196
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.3126 |
| Previous Daily Low | 1.3028 |
| Previous Weekly High | 1.3142 |
| Previous Weekly Low | 1.2750 |
| Previous Monthly High | 1.2848 |
| Previous Monthly Low | 1.2369 |
| Daily Fibonacci 38.2% | 1.3066 |
| Daily Fibonacci 61.8% | 1.3089 |
| Daily Pivot Point S1 | 1.3001 |
| Daily Pivot Point S2 | 1.2966 |
| Daily Pivot Point S3 | 1.2903 |
| Daily Pivot Point R1 | 1.3099 |
| Daily Pivot Point R2 | 1.3161 |
| Daily Pivot Point R3 | 1.3196 |
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