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    GBP/USD Price Analysis: The next downside target is located at the 1.2600–1.2605 region

    Source Fxstreet
    Mar 28, 2024 06:10
    • GBP/USD trades on a softer note below the mid-1.2600s on Thursday ahead of UK GDP growth numbers data. 
    • The pair keeps the bearish vibe below the key EMA; RSI indicator holds below the 50 midlines. 
    • The immediate resistance level will emerge at 1.2655; the initial support level is located at the 1.2600–1.2605 zone.

    The GBP/USD pair remains on the defensive around 1.2630 on Thursday during the early European trading hours. The hawkish tone from Federal Reserve (Fed) Governor Christopher Waller early Thursday has lifted the US Dollar (USD) broadly, which creates a headwind for the GBP/USD pair. 

    The Fed’s Waller said the US central bank is in no rush to cut the benchmark rate and may need to “maintain the current rate target for longer than expected. Traders await the final UK Gross Domestic Product (GDP) growth number for Q4 on Thursday, which is projected to contract 0.3% QoQ in Q4. 

    From a technical perspective, GBP/USD maintains the bearish outlook unchanged as the major pair holds below the key 100-period Exponential Moving Average (EMA) on the four-hour chart. The downward momentum is confirmed by the Relative Strength Index (RSI), which lies below the 50 midlines, supporting the sellers for the time being.

    The first upside barrier for GBP/USD will emerge near the upper boundary of the Bollinger Band at 1.2655. A break above the latter will expose the 100-period EMA at 1.2685. Further north, the next hurdle is seen near a high of March 18 at 1.2746, followed by the psychological level of 1.2800. 

    On the flip side, the initial support level of the major pair is located near the lower limit of the Bollinger Band at the 1.2600-1.2605 region. A breach of this level will pave the way to a low of March 22 at 1.2575. The next contention level to watch is a low of February 14 at 1.2535, en route to the 1.2500 round figure. 

    GBP/USD four-hour chart

    GBP/USD

    Overview
    Today last price 1.2632
    Today Daily Change -0.0009
    Today Daily Change % -0.07
    Today daily open 1.2641
     
    Trends
    Daily SMA20 1.2719
    Daily SMA50 1.2679
    Daily SMA100 1.2649
    Daily SMA200 1.2591
     
    Levels
    Previous Daily High 1.2641
    Previous Daily Low 1.2606
    Previous Weekly High 1.2804
    Previous Weekly Low 1.2575
    Previous Monthly High 1.2773
    Previous Monthly Low 1.2518
    Daily Fibonacci 38.2% 1.2628
    Daily Fibonacci 61.8% 1.2619
    Daily Pivot Point S1 1.2617
    Daily Pivot Point S2 1.2593
    Daily Pivot Point S3 1.2581
    Daily Pivot Point R1 1.2653
    Daily Pivot Point R2 1.2665
    Daily Pivot Point R3 1.2688

     

     

     

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