GBP/USD Price Analysis: Struggles to remain above 1.2800, falls

Source Fxstreet
Jun 13, 2024 14:47
  • GBP/USD snaps three days of gains, drops below 1.2800.
  • The pair remains consolidated yet lacks the strength to rally towards the YTD high.
  • Momentum favors sellers, but they must push GBP/USD below 1.2700.

The GBP/USD experienced a retreat early in the North American session, down by 0.23%. This was a continuation of a trend, as the major trades below 1.2800 at around 1.2769 were unable to achieve a daily close above 1.2800 for the ninth consecutive trading day.

GBP/USD Price Analysis: Technical outlook

Despite reaching a three-month high, the GBP/USD remains consolidated, with buyers unable to push the exchange rate above the 1.2800 figure to challenge the year-to-date (YTD) high of 1.2894.

Momentum has shifted, and sellers appear to gather traction, yet the Relative Strength Index (RSI) remains in bullish territory but is dropping towards the 50-midline. Once the RSI pierces the latter, that would be the green light to drive the GBP/USD lower.

Key support levels lie ahead, like the latest cycle low of 1.2687, the June 10 low. A breach of the latter will pave the way toward the confluence of the 100-day moving average (DMA) and the May 16 low of 1.2643 before challenging the 50-DMA at 1.2610.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price 1.2771
Today Daily Change -0.0027
Today Daily Change % -0.21
Today daily open 1.2798
 
Trends
Daily SMA20 1.274
Daily SMA50 1.2609
Daily SMA100 1.2639
Daily SMA200 1.2548
 
Levels
Previous Daily High 1.286
Previous Daily Low 1.2733
Previous Weekly High 1.2818
Previous Weekly Low 1.2695
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1.2812
Daily Fibonacci 61.8% 1.2782
Daily Pivot Point S1 1.2734
Daily Pivot Point S2 1.267
Daily Pivot Point S3 1.2606
Daily Pivot Point R1 1.2861
Daily Pivot Point R2 1.2925
Daily Pivot Point R3 1.2989

 

 

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