GBP/USD Technical Analysis: Cautiously bullish above mid-1.2600s ahead of UK retail sales/BoE
• Despite the recent pull-backs, the pair has been finding decent buying interest near a short-term descending trend-line resistance break-point, now turned support.
GBP/USD 1-hourly chart
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• Meanwhile, the two-way price action over the past two trading sessions constituted towards the formation of a descending trend-channel on intraday charts.
30-mins chart
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• Technical indicators on hourly charts have been gaining positive traction and support prospects for an extension of the recent recovery move from yearly lows.
• However, oscillators on the daily chart are yet to catch-up with the up-move, warranting some caution ahead of the UK retail sales data and BoE decision.
GBP/USD
Overview:
Today Last Price: 1.2654
Today Daily change: 38 pips
Today Daily change %: 0.301%
Today Daily Open: 1.2616
Trends:
Previous Daily SMA20: 1.2706
Previous Daily SMA50: 1.2858
Previous Daily SMA100: 1.2916
Previous Daily SMA200: 1.3238
Levels:
Previous Daily High: 1.268
Previous Daily Low: 1.2607
Previous Weekly High: 1.276
Previous Weekly Low: 1.2477
Previous Monthly High: 1.3176
Previous Monthly Low: 1.2723
Previous Daily Fibonacci 38.2%: 1.2635
Previous Daily Fibonacci 61.8%: 1.2652
Previous Daily Pivot Point S1: 1.2588
Previous Daily Pivot Point S2: 1.2561
Previous Daily Pivot Point S3: 1.2516
Previous Daily Pivot Point R1: 1.2661
Previous Daily Pivot Point R2: 1.2707
Previous Daily Pivot Point R3: 1.2734