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    GBP/USD Price Analysis: Could test the level of 1.2600, next support at March’s low

    Source Fxstreet
    Mar 27, 2024 05:15
    • GBP/USD could break the psychological support of the 1.2600 level to revisit March’s low at 1.2575.
    • Technical analysis suggests the bearish sentiment to test the major support of the 1.2550 level.
    • The resistance zone could be found around the 23.6% Fibonacci retracement level of 1.2650 level and the nine-day EMA at 1.2668.

    GBP/USD extends its losses for the second consecutive day, depreciating to near 1.2620 during the Asian session on Wednesday. The pair could test the psychological support level of 1.2600. If this level is breached, it could prompt the pair to revisit March’s low at 1.2575.

    The technical analysis of the GBP/USD pair suggests a bearish trend. The 14-day Relative Strength Index (RSI) is positioned below 50, indicating a bearish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) confirms the bearish trend, as the MACD line is below the centerline and exhibits divergence below the signal line.

    The bearish sentiment could influence the GBP/USD pair to test the major support of 1.2550 level, followed by February’s low of 1.2518.

    On the upside, the GBP/USD pair could meet the major barrier at 23.6% Fibonacci retracement level of 1.2650 level. A breakthrough above this barrier could exert upward support for the pair to test the nine-day Exponential Moving Average (EMA) at 1.2668.

    If the GBP/USD pair surpasses the latter, it could approach 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

     

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
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