The GBPUSD pair, currently trading at 1.28159, remains at a relatively low level not seen in the past two weeks, as it has experienced continuous declines over the past seven days. According to Nehcap’s perspective, there is not much further potential for prices to decrease significantly.

…
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 holds lower grounds at two-week low after declining in the last seven consecutive days.

The pair currently trades last at 1.28159.

The previous day high was 1.2905 while the previous day low was 1.2816. The daily 38.2% Fib levels comes at 1.285, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2871, expected to provide resistance.

GBP/USD bears keep the reins for the eighth consecutive day despite making rounds to 1.2810-20 amid early hours of Tuesday’s Asian session. In doing so, the Cable pair prods an upward-sloping support line stretched from early June while staying within a nearly five-month-old bullish channel. Apart from the immediate support line, a light calendar in the UK and a cautious mood ahead of Wednesday’s Federal Reserve (Fed) monetary policy meeting also prods the Pound Sterling traders.

Also read: GBP/USD suffers seven-day slide amid weak UK PMIs, ahead of FOMC’s decision

That said, the GBP/USD pair’s reversal from a 15-month high during the mid-July broke an upward-sloping support line from May 08, which in turn joins the bearish MACD signals and steady RSI (14) line to keep the sellers hopeful of breaking the immediate support line near 1.2800.

However, the 50-DMA and bottom line of the aforementioned bullish channel together offers a tough nut to crack for the GBP/USD bears around 1.2670.

Following that, the late June swing low of 1.2590 and the previous monthly bottom surrounding 1.2370 will be in the spotlight.

On the contrary, GBP/USD recovery needs validation from June’s peak of around 1.2850 before challenging the multi-day-old previous support line stretched from early May, close to 1.3030 at the latest.

In a case where the Pound Sterling remains firmer past 1.3030, the odds of witnessing a rally toward crossing the latest multi-month peak of around 1.3145 can’t be ruled out. In doing so, the GBP/USD bulls may aim for the top line of the bullish channel, around 1.3200 by the press time.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.282 at the time of writing. Pair opened at 1.2853 and is trading with a change of -0.26% % .

The pair is trading below its 20 Daily moving average @ 1.2844, above its 50 Daily moving average @ 1.2659 , above its 100 Daily moving average @ 1.2508 and above its 200 Daily moving average @ 1.2246

The previous day high was 1.2905 while the previous day low was 1.2816. The daily 38.2% Fib levels comes at 1.285, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2871, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2811, 1.2769, 1.2723
• Pivot resistance is noted at 1.29, 1.2946, 1.2988

[/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

Share this:

• Facebook
• X

Like this:

Like Loading...