GBP/USD Price Analysis: Pound Is Under Increasing Bearish Pressure With 1.2500 Support In Play
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The Sterling keeps trading within a bearish channel from early March lows and seems ready to test an important support area at 1.2500. Wednesday’s long negative candle reflects an impulsive bearish move and gives sellers hope to explore fresh year-to-date lows.
US Treasury yieldskeep[ rallying and investors reassess their expectations of Fed cuts this year which is acting as a tailwind for the US Dollar. US PPI data and the slight increase in US Jobless claims have provided a certain relief although USD reversals remain limited for now.
Oscillators are pointing lower and the bearish cross between the 50 and the 100-day SMAss are adding weight to the pair. On Friday the UK Industrial Production data might give further direction to the pair.
The next supports are 1.2500 and 1.2450. On the upside 1.2600 and 1.2710 are likely to cap upside attempts.
GBP/USD Daily Chart
(Click on image to enlarge)
GBP/USD
OVERVIEW | |
---|---|
Today last price | 1.2537 |
Today Daily Change | -0.0003 |
Today Daily Change % | -0.02 |
Today daily open | 1.254 |
TRENDS | |
---|---|
Daily SMA20 | 1.2654 |
Daily SMA50 | 1.2663 |
Daily SMA100 | 1.267 |
Daily SMA200 | 1.2587 |
LEVELS | |
---|---|
Previous Daily High | 1.2708 |
Previous Daily Low | 1.252 |
Previous Weekly High | 1.2684 |
Previous Weekly Low | 1.2539 |
Previous Monthly High | 1.2894 |
Previous Monthly Low | 1.2575 |
Daily Fibonacci 38.2% | 1.2592 |
Daily Fibonacci 61.8% | 1.2637 |
Daily Pivot Point S1 | 1.2471 |
Daily Pivot Point S2 | 1.2402 |
Daily Pivot Point S3 | 1.2283 |
Daily Pivot Point R1 | 1.2659 |
Daily Pivot Point R2 | 1.2778 |
Daily Pivot Point R3 | 1.2847 |
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