Thu, Jan 28, 2021 @ 08:39 GMT
Home Contributors Technical Analysis GBPUSD Tumbles After Touching 3-Month High

GBPUSD Tumbles After Touching 3-Month High

GBPUSD has been in an ascending move after the rebound on the 1.2250 trough, touching a new three-month high of 1.2670. The price is currently testing the 20-day simple moving average (SMA), while the RSI indicator is pointing slightly down near the 50 level. Also, the MACD is losing momentum beneath its trigger line but it still hovering above the zero line.

An extension of the downside movement could hit the 50.0% Fibonacci retracement level of the up leg from 1.2815 to 1.2250 at 1.2530, which overlaps with the 40-day SMA. Slightly below this line, the 1.2507 support could be a strong level for the bears ahead of the 38.2% Fibonacci of 1.2465.

On the other hand, a climb above the 1.2598 level, that being the 61.8% Fibonacci could send the market towards the 1.2670 – 1.2690 area. Even higher, the pair could meet the 1.2815 barrier, taken from the peak on June 10.

In brief, GBPUSD is in ascending mode in the very short-term timeframe and neutral in the bigger picture.

XM.comhttp://clicks.pipaffiliates.com/c?c=231129&l=en&p=0
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading