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13 Mar 2020

GBP/USD Price Analysis: Remains vulnerable near 5-month lows, below 61.8% Fibo. level

  • GBP/USD remained under some heavy selling pressure for the fourth straight session.
  • The technical set-up remains tilted in favour of bears and favours further downside.

The GBP/USD pair remained under some intense selling pressure for the fourth consecutive session on Friday and tumbled to fresh five-month lows, around mid-1.2400s amid a strong pickup in the USD demand.

The fact that the pair found acceptance below the 61.8% Fibonacci level of the 1.1959-1.3515 positive move and a subsequent slide below the key 1.2500 psychological mark was seen as a key trigger for bearish traders.

This comes on the back of the overnight sustained weakness below the very important 200-day SMA and supports prospects for an extension of this week's rejection slide from the 1.3200 round-figure mark.

Bearish technical indicators on the daily chart – though have moved on the verge of breaking into the oversold territory – add credence to the negative outlook and a possible fall towards testing sub-1.2400 levels.

On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.2500 round-figure mark and seems more likely to remain capped near the 1.2545-50 region (61.8% Fibo. level).

GBP/USD daily chart

fxsoriginal

Technical levels to watch

 

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