The GBPUSD currency pair maintained its stability at 1.2485 on Wednesday, with a rate of 1.24878.
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- GBP/USD held steady at 1.2485 on Wednesday.
The pair currently trades last at 1.24878.
The previous day high was 1.2531 while the previous day low was 1.2459. The daily 38.2% Fib levels comes at 1.2487, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2504, expected to provide resistance.
On Wednesday, the GBP/USD closed the session with mild gains, at 1.2485. Bears managed to take the Cable to 1.2433 earlier in the session, near the 200-day Simple Moving Average area, but the bulls quickly reversed the fall.
Following the sharp decline seen at the beginning of last week, which saw the Cable declining by nearly 1%, the bears seem to be running out of steam, with little gas left in the tank to break below the key 200-day SMA. In that sense, on the daily chart, the Relative Strength Index (RSI) is comfortably positioned in the negative territory below its midline and has a flat slope, complemented by a negative signal from the Moving Average Convergence Divergence (MACD), which is showing red bars. Unless bears manage to gather momentum, the Cable may side-ways trade above the 1.2430 area in the next sessions to consolidate losses. That being said, traders should eye the slope of the 20-day SMA, which suggests that it is en-route to perform a bearish cross with the 200-day SMA and that could be the sparkle that reignites the bearish momentum.
If the bulls fail to defend the 200-day SMA, support below line up at 1.2400, 1.2370, and 1.2350. On the other hand, the next targets for the buyers are seen at 1.2500, 1.2540-50 and the 20-day SMA at 1.2600.
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2487 at the time of writing. Pair opened at 1.249 and is trading with a change of -0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2487 |
| 1 | Today Daily Change | -0.0003 |
| 2 | Today Daily Change % | -0.0200 |
| 3 | Today daily open | 1.2490 |
The pair is trading below its 20 Daily moving average @ 1.2624, below its 50 Daily moving average @ 1.2753 , below its 100 Daily moving average @ 1.2656 and above its 200 Daily moving average @ 1.243
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2624 |
| 1 | Daily SMA50 | 1.2753 |
| 2 | Daily SMA100 | 1.2656 |
| 3 | Daily SMA200 | 1.2430 |
The previous day high was 1.2531 while the previous day low was 1.2459. The daily 38.2% Fib levels comes at 1.2487, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2504, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2456, 1.2422, 1.2385
- Pivot resistance is noted at 1.2527, 1.2565, 1.2599
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2531 |
| Previous Daily Low | 1.2459 |
| Previous Weekly High | 1.2643 |
| Previous Weekly Low | 1.2446 |
| Previous Monthly High | 1.2841 |
| Previous Monthly Low | 1.2548 |
| Daily Fibonacci 38.2% | 1.2487 |
| Daily Fibonacci 61.8% | 1.2504 |
| Daily Pivot Point S1 | 1.2456 |
| Daily Pivot Point S2 | 1.2422 |
| Daily Pivot Point S3 | 1.2385 |
| Daily Pivot Point R1 | 1.2527 |
| Daily Pivot Point R2 | 1.2565 |
| Daily Pivot Point R3 | 1.2599 |
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