The GBPUSD currency pair is currently at a low point, staying at its lowest level in two months. It is recovering from a significant drop, the largest since late July. According to Nehcap’s perspective, the currency pair is not expected to decline much further.
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- GBP/USD remains depressed at the lowest level in two months, licking its wounds after falling the most since late July.
The pair currently trades last at 1.25985.
The previous day high was 1.2765 while the previous day low was 1.2615. The daily 38.2% Fib levels comes at 1.2672, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2708, expected to provide resistance.
GBP/USD seesaws around the lowest level in two months, after falling the most since late July to refresh the multi-day bottom, as markets await the top-tier central bankers’ speech on early Friday. That said, the Cable pair makes rounds to 1.2600 while poking a four-month-old horizontal support area surrounding 1.2590–2570.
Not only the strong support zone but the nearly oversold conditions of the RSI (14) line also challenge the Pound Sterling sellers ahead of Friday’s speech from Fed Chair Jerome Powell, followed by Saturday’s statements from Bank of England (BoE) Governor Andrew Bailey.
Hence, the GBP/USD price may witness a corrective bounce ahead of the key events.
However, the 100-DMA hurdle of 1.2640 and the bearish MACD signals could challenge the Cable pair’s rebound.
Following that, a one-month-old descending resistance line and the 50-DMA, respectively near 1.2740 and 1.2790, will attract the bids before giving control to the Pound Sterling bulls.
Meanwhile, a daily closing beneath 1.2570 may seek validation from the early June swing high of around 1.2545 before targeting the 200-DMA support of around 1.2400.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
GBPUSD currently trading at 1.2599 at the time of writing. Pair opened at 1.2726 and is trading with a change of -1.00% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 1.2599 |
| 1 | Today Daily Change | -0.0127 |
| 2 | Today Daily Change % | -1.00% |
| 3 | Today daily open | 1.2726 |
The pair is trading below its 20 Daily moving average @ 1.2743, below its 50 Daily moving average @ 1.2796 , below its 100 Daily moving average @ 1.2637 and above its 200 Daily moving average @ 1.2392
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 1.2743 |
| 1 | Daily SMA50 | 1.2796 |
| 2 | Daily SMA100 | 1.2637 |
| 3 | Daily SMA200 | 1.2392 |
The previous day high was 1.2765 while the previous day low was 1.2615. The daily 38.2% Fib levels comes at 1.2672, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2708, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 1.2639, 1.2552, 1.2489
- Pivot resistance is noted at 1.2789, 1.2852, 1.2939
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 1.2765 |
| Previous Daily Low | 1.2615 |
| Previous Weekly High | 1.2788 |
| Previous Weekly Low | 1.2617 |
| Previous Monthly High | 1.3142 |
| Previous Monthly Low | 1.2659 |
| Daily Fibonacci 38.2% | 1.2672 |
| Daily Fibonacci 61.8% | 1.2708 |
| Daily Pivot Point S1 | 1.2639 |
| Daily Pivot Point S2 | 1.2552 |
| Daily Pivot Point S3 | 1.2489 |
| Daily Pivot Point R1 | 1.2789 |
| Daily Pivot Point R2 | 1.2852 |
| Daily Pivot Point R3 | 1.2939 |
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