GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, indicating a bearish sentiment.
Additionally, the Moving Average Convergence Divergence (MACD) confirms this bearish trend, with the MACD line below the centerline and the signal line. Looking ahead, GBP/USD could encounter significant support around the psychological level of 1.2400. If this level is breached, the pair may test the five-month low of 1.2300.
On the upside, breaching the descending triangle around the level of 1.2490, along with surpassing the psychological level of 1.2500, could potentially weaken the bearish sentiment. Further resistance is anticipated around the pullback resistance level at 1.2518 and the 38.2% Fibonacci retracement level at 1.2527, drawn between 1.2894 and 1.2300.
A breakthrough above the latter resistance region might signify a shift towards a bullish sentiment. In such a scenario, GBP/USD could aim to test the upper boundary of the descending triangle around 1.2565.
Overview | |
---|---|
Today last price | 1.2455 |
Today Daily Change | 0.0006 |
Today Daily Change % | 0.05 |
Today daily open | 1.2449 |
Trends | |
---|---|
Daily SMA20 | 1.2538 |
Daily SMA50 | 1.2629 |
Daily SMA100 | 1.2652 |
Daily SMA200 | 1.2563 |
Levels | |
---|---|
Previous Daily High | 1.2459 |
Previous Daily Low | 1.2332 |
Previous Weekly High | 1.2499 |
Previous Weekly Low | 1.2367 |
Previous Monthly High | 1.2894 |
Previous Monthly Low | 1.2575 |
Daily Fibonacci 38.2% | 1.241 |
Daily Fibonacci 61.8% | 1.238 |
Daily Pivot Point S1 | 1.2368 |
Daily Pivot Point S2 | 1.2287 |
Daily Pivot Point S3 | 1.2241 |
Daily Pivot Point R1 | 1.2495 |
Daily Pivot Point R2 | 1.254 |
Daily Pivot Point R3 | 1.2621 |
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.