GBP/USD Price Analysis: Pound, rejected at 1.2500 pulls back to retest support area at 1.2430

Source Fxstreet
Apr 15, 2024 16:55
  • Pound’s failure to break resistance at 1.2500 leaves bears in control.
  • Strong US retail sales figures have pushed the pair back to the bottom of the monthly channel, at 1.2440.
  • Below 2.1430, the next support levels are 1.2370 and 1.2220.

Sterling’s recovery attempts have failed to find a significant acceptance above the 1.2500 level earlier on Monday. The pair has succumbed to the broad-based US Dollar strength after the release of upbeat US retail sales figures.

US Consumer spending has beaten expectations in MArch adding to the evidence of a strong US economic outlook. Beyond that, growing concerts about the consequences of an escalation in the Middle East conflict are additional support for the safe-haven USD.

GBP/USD Price Analysis: Technical outlook

Bears have pushed the pair back to the bottom of the monthly descending channel, at 1.2440, which is being tested at the moment. Last Friday’s low is right below there, at 1.2430. A clear break of that support area clears the path towards 1.2370. Further down there is no support until 1.2220.

On the upside 1.2505 level should be cleared to advance towards 1.2565, where an unmitigated order block may provide a fresh boost for bears.
 

GBP/USD 4-Hour Chart

GBPUSD Chart

GBP/USD

Overview
Today last price 1.246
Today Daily Change 0.0011
Today Daily Change % 0.09
Today daily open 1.2449
 
Trends
Daily SMA20 1.263
Daily SMA50 1.2655
Daily SMA100 1.2669
Daily SMA200 1.2584
 
Levels
Previous Daily High 1.2559
Previous Daily Low 1.2427
Previous Weekly High 1.2709
Previous Weekly Low 1.2427
Previous Monthly High 1.2894
Previous Monthly Low 1.2575
Daily Fibonacci 38.2% 1.2477
Daily Fibonacci 61.8% 1.2508
Daily Pivot Point S1 1.2398
Daily Pivot Point S2 1.2346
Daily Pivot Point S3 1.2266
Daily Pivot Point R1 1.253
Daily Pivot Point R2 1.261
Daily Pivot Point R3 1.2661

 

 

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