Pound is struggling to find a good direction after suffering losses in recent sessions.
GBPUSD is struggling to find a direction, languishing around 1.2680 throughout the Asian session on Thursday.
GBPUSD Technical Outlook
Traders may exercise caution and wait for MACD to confirm the direction.
The pair could find support between the 23.6% Fibonacci retracement and 50-day EMA.
The technical analysis of the GBP pair indicates that the 14-day Relative Strength Index (RSI) is below 50. This suggests a bearish trend for the pair.
Furthermore, the Moving Average Convergence Divergence (MACD), a lagging indicator, reveals the pair’s restrained momentum. This is clear from the MACD line’s position above the centerline but below The signal line. Traders should take care and wait for direction confirmation from the MACD before placing aggressive bets on the GBPUSD pair.
Furthermore The GBPUSD pair may find support at the key level of 1.2650. Which coincides with the 23.6% Fibonacci retracement at 1.2648 and the 50-day Exponential Moving Average (EMA) of 1.2645. This zone represents an immediate support region. And breaching it may direct the pair toward the psychological support at the 1.2600 level. A drop below this psychological support level might take the pair to the 38.2% Fibonacci retracement level at 1.2532.
Moreover In terms of prospective upward movements. The GBPUSD pair faces immediate resistance at the psychological level of 1.2700. Followed by the weekly high of The biggest resistance level is 1.2750. A good break over this major hurdle might cause the pair to revisit its January high of 1.2785. With further potential rises towards the psychological level of 1.2800.
https://voiceoftraders.com/archive/australian-dollar-deepens-its-losses-against-a-stable-us-dollar
