GBP/USD Price Analysis: Plummets And Shifts Bearish, Dives Below 1.2500
The British Pound plunged against the US Dollar late in the North American session, down 0.74%, and trades at 1.2445 after hitting a daily high of 1.2559. Risk aversion triggered a flight to safety, a headwind for the Pound Sterling even though UK GDP figures were solid.
GBP/USD Price Analysis: Technical outlook
From a technical perspective, the GBP/USD shifted bearish as it achieved a successive series of lower highs and lows while breaching key support levels. On its way south, the pair cleared the 200-day moving average (DMA) at 1.2584, which opened the door to a tumble below 1.2500.
For a bearish continuation, the GBP/USD needs to clear the 1.2400 mark. A breach of the latter will expose the November 17, 2023, low of 1.2374, followed by the 1.2300 mark.
On the other hand, if buyers lift the GBP/USD past the 1.2500, that could pave the way for further gains. The next resistance would be the 200-day moving average (DMA) at 1.2584, ahead of 1.2600.
As the GBP/USD dropped below key support levels and achieved
GBP/USD Price Action – Daily Chart
(Click on image to enlarge)
BP/USD
OVERVIEW | |
---|---|
Today last price | 1.2447 |
Today Daily Change | -0.0106 |
Today Daily Change % | -0.84 |
Today daily open | 1.2553 |
TRENDS | |
---|---|
Daily SMA20 | 1.2644 |
Daily SMA50 | 1.2659 |
Daily SMA100 | 1.267 |
Daily SMA200 | 1.2586 |
LEVELS | |
---|---|
Previous Daily High | 1.2579 |
Previous Daily Low | 1.2511 |
Previous Weekly High | 1.2684 |
Previous Weekly Low | 1.2539 |
Previous Monthly High | 1.2894 |
Previous Monthly Low | 1.2575 |
Daily Fibonacci 38.2% | 1.2553 |
Daily Fibonacci 61.8% | 1.2537 |
Daily Pivot Point S1 | 1.2516 |
Daily Pivot Point S2 | 1.248 |
Daily Pivot Point S3 | 1.2448 |
Daily Pivot Point R1 | 1.2584 |
Daily Pivot Point R2 | 1.2615 |
Daily Pivot Point R3 | 1.2652 |
More By This Author:
USD/JPY Declines After Weak U.S. Data, Buyers Take Profits
NZD/USD Refreshes Daily Low On Weaker Chinese Trade Data, Sustained USD Buying
AUD/USD Price Analysis: Bears Await Sustained Break And Acceptance Below 0.6500 Mark
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not ...
more