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GBP/USD Price Analysis: Remains bearish, falls below 1.2700

  • GBP/USD is trading below 1.2700 after hitting a two-day high of 1.2720.
  • Resistance at a broken support trend line could lead to further price declines.
  • Key support levels: 1.2656 (June 14 low) and 1.2643/34 (confluence of 100-day moving average and May 3 high).

The British pound slides against the US dollar on Tuesday, amid a thin economic agenda in the United Kingdom following the release of mixed data in the United States. At the time of writing, the GBP/USD is trading at 1.2688, down 0.12%.

GBP/USD Price Analysis: Technical Perspective

After falling to a multi-week low of 1.2656, GBP/USD has shown signs of resilience, managing to regain some ground. However, it is important to note that it still remains below a broken one-month support trend line that now acts as resistance, which could lead to further price declines.

The momentum shows that the sellers remained unchanged, as revealed by the RSI.

If GBP/USD falls below 1.2700, the exchange rate will continue to fall and face the first support at 1.2656, the June 14 low. Once cleared, the next target would be the confluence of the 100-day moving average (DMA) and the May 3 high at 1.2643/34, ahead of 1.2600.

Conversely, if GBP/USD rises above 1.2720/30, that could exacerbate a rally towards 1.2800.

GBP/USD Price Action – Daily Chart

GBP/USD

Summary
Latest price today 1.2689
Today’s daily change -0.0016
Daily change % today -0.13
Today’s daily opening 1.2705
Trends
SMA20 Journal 1.2743
SMA50 Daily 1.2614
SMA100 Journal 1,264
SMA200 Journal 1.2552
Levels
Previous Daily High 1,271
Previous Daily Low 1.2659
Previous Weekly High 1,286
Previous Weekly Low 1.2657
Previous Monthly High 1.2801
Previous Monthly Low 1.2446
Daily Fibonacci 38.2% 1,269
Daily Fibonacci 61.8% 1.2678
Daily Pivot Point S1 1.2673
Daily Pivot Point S2 1.2641
Daily Pivot Point S3 1.2622
Daily Pivot Point R1 1.2723
Daily Pivot Point R2 1.2742
Daily Pivot Point R3 1.2774

Source: Fx Street

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