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Market Analysis

GBP/USD Analysis: Testing 1.2600 Level, March Low Support Ahead
Amos Simanungkalit · 9K Views

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The GBP/USD pair is poised to potentially breach the key psychological support level of 1.2600, potentially revisiting March’s low at 1.2575, as per technical analysis. 


Bearish sentiment is indicated, with the possibility of testing the significant support level at 1.2550. Resistance may be encountered around the 23.6% Fibonacci retracement level at 1.2650 and the nine-day EMA at 1.2668.


GBP/USD has experienced consecutive days of decline, nearing 1.2620 during the Asian session on Wednesday. The pair’s outlook suggests a bearish trend, with indicators such as the 14-day Relative Strength Index (RSI) positioned below 50, indicating bearish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) confirms the bearish trend.


The potential downward movement could lead GBP/USD to test the major support level at 1.2550, followed by February’s low of 1.2518.


Upside movement could encounter resistance at the 23.6% Fibonacci retracement level of 1.2650, potentially providing support for an upward move toward the nine-day Exponential Moving Average (EMA) at 1.2668. Surpassing this level may pave the way for a move towards the psychological level of 1.2700.


GBP/USD: Daily Chart

 

 

GBP/USD

OVERVIEW
Today last price 1.2617
Today Daily Change -0.0011
Today Daily Change % -0.09
Today daily open 1.2628
 
TRENDS
Daily SMA20 1.272
Daily SMA50 1.268
Daily SMA100 1.2645
Daily SMA200 1.2591
 
LEVELS
Previous Daily High 1.2668
Previous Daily Low 1.2622
Previous Weekly High 1.2804
Previous Weekly Low 1.2575
Previous Monthly High 1.2773
Previous Monthly Low 1.2518
Daily Fibonacci 38.2% 1.264
Daily Fibonacci 61.8% 1.2651
Daily Pivot Point S1 1.2611
Daily Pivot Point S2 1.2594
Daily Pivot Point S3 1.2565
Daily Pivot Point R1 1.2657
Daily Pivot Point R2 1.2686
Daily Pivot Point R3 1.2703

 

 

Paraphrasing text from "FX Street" all rights reserved by the original author.

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