Market Overview

GBP/USD Forecast: Finds Support At 1.2875

GBP/USD Forecast: Finds Support At 1.2875
  • GBP/USD slips below 1.2900, but finds support at 1.2875.
  • The short-term perspective turns slightly bearish, but remains neutral in the daily chart.

The GBP/USD pair retreated on Thursday and briefly dropped below the 1.29 mark, dragged down by a stronger dollar across the board, amid lack of progress in US-China trade talks and the absence of headlines surrounding the UK general elections.

GBP/USD Short-Term Technical Outlook

GBP/USD hit a daily low of 1.2893, just a few pips above Wednesday low of 1.2887 and the 20-day SMA, which offers dynamic support currently at 1.2878. With the pair recording its second loss in three days, the technical picture has turned bearish in the 4-hour chart, although indicators are stabilizing near their lows and spot remains contained by the 50-period SMA at 1.2875.

In the daily chart, the perspective remains neutral, with indicators flat around their midlines and the GBP/USD trading above the 20-day SMA, while the 50- and 100-day SMAs move toward a bullish cross. However, repeated failure to break above the 1.3000/10 resistance zone could make the tables turn. Should the cable break above 1.3010, the next significant resistance is seen at 1.3060, which is the 100-week SMA.

Image Sourced from Pixabay

Posted-In: FXStreetEarnings News Eurozone Forex Global Markets General


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