The GBPUSD currency pair experienced its first daily decline in three days and is currently maintaining a lower position. According to the viewpoint of @nehcap, it is anticipated that the downside potential will be relatively limited.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• GBP/USD prints the first daily loss in three, holds lower grounds of late.

The pair currently trades last at 1.27618.

The previous day high was 1.2789 while the previous day low was 1.2713. The daily 38.2% Fib levels comes at 1.276, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2742, expected to provide support.

GBP/USD takes offers to refresh the intraday low near 1.2755, posting the first daily loss in three amid early Tuesday in Europe. In doing so, the Cable pair justifies downbeat UK data while reversing from the 50-SMA within a three-week-old bearish channel.

The latest survey from the British Retail Consortium (BRC) marked the weakest Retail Sales growth in 15 months as it prints the 1.8% YoY figure for July versus 4.2% prior. Following the data release, the BRC said, per Reuters, that the British retailers suffered from heavy rain in July on top of the impact of high inflation with sales growth dropping to an 11-month low.

Technically, the Pound Sterling reverses from the 50-SMA hurdle of around 1.2785 as the RSI (14) line retreats. However, the oscillators remain beyond the 50 level suggesting the upbeat momentum and keeping the GBP/USD buyers hopeful amid the bullish MACD signals.

With this, the quote is likely to cross the immediate upside hurdle surrounding 1.2785 with the aim for reclaim the 1.2800 round figure.

However, a convergence of the 200-SMA, the previous support line from May 25 and a top line of the aforementioned descending trend channel highlights the 1.2825-30 as a tough nut to crack for the GBP/USD bulls.

Meanwhile, the 1.2700 round figure and the latest low of 1.2620 can entertain GBP/USD sellers ahead of challenging them with the bottom line of the stated channel, close to 1.2585. It’s worth mentioning that June’s low of 1.2590 can also challenge the Cable bears around 1.2585–90 zone.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2757 at the time of writing. Pair opened at 1.2784 and is trading with a change of -0.21% % .

The pair is trading below its 20 Daily moving average @ 1.289, above its 50 Daily moving average @ 1.2744 , above its 100 Daily moving average @ 1.2591 and above its 200 Daily moving average @ 1.2324

The previous day high was 1.2789 while the previous day low was 1.2713. The daily 38.2% Fib levels comes at 1.276, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2742, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2735, 1.2686, 1.2658
• Pivot resistance is noted at 1.2811, 1.2839, 1.2888

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group