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3 Apr 2020

GBP/USD Price Analysis: Turns vulnerable below the recent trading range support near 1.2300 mark

  • GBP/USD remained under heavy selling pressure through the mid-European session on Friday.
  • Any meaningful positive move might now be seen as a selling opportunity and remain capped.

The GBP/USD pair extended the previous day's intraday rejection slide from the 1.2475 supply zone and continued losing ground through the mid-European session on Friday.

A sustained break below 100-hour EMA was seen as a key trigger for bearish traders and dragged the pair closer to the lower end of its weekly trading range, around the 1.2260 region.

However, technical indicators on the 1-hourly chart have already drifted into the oversold territory and assisted the pair to quickly recover around 30 pips from daily swing lows.

Meanwhile, the fact that the pair now seems to have confirmed a near-term bearish break through a multi-day-old trading range, the bias seems tilted in favour of bearish traders.

Hence, any subsequent recovery beyond the 1.2300 round-figure mark might still be seen as a selling opportunity and remain capped near the 1.2345-50 region (100-hour EMA).

The pair seems vulnerable to continue with its downward trajectory, even below weekly lows, around the 1.2240 region, towards challenging the 1.2200 round-figure mark.

GBP/USD 1-hourly chart

fxsoriginal

Technical levels to watch

 

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