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30 Aug 2019

GBP/USD technical analysis: On the back foot below short-term key resistance

  • GBP/USD holds below 10-day EMA, 23.6% Fibonacci retracement.
  • 14-day old rising trend-line gains sellers attention.

GBP/USD stays under near-term key resistance-confluence as it takes the rounds to 1.2185 by early Friday's morning session in Asia.

In addition to the pair’s sustained trading below the 10-day exponential moving average (EMA) and 23.6% Fibonacci retracement level of June-August declines, a gradual softening of 12-bar moving average convergence and divergence (MACD) histogram also portrays the underlying weakness in price momentum.

With this, sellers eye an upward sloping trend-line since August 12, near 1.2130, as immediate support whereas 1.2100 and monthly low of 1.2015 can please them afterward.

Alternatively, an upside break of 1.2200 resistance-mark can propel prices to 38.2% Fibonacci retracement and the weekly high surrounding 1.2310.

It should, however, be noted that pair’s run-up beyond 1.2310 enables it to conquer 50-day EMA level of 1.2332 while July 17 low of 1.2382 likely gaining GBP/USD buyers’ attention then after.

GBP/USD daily chart

Trend: bearish

 

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