Chart Of The Day: GBPUSD sustains pullback from 200-day SMA before UK GDP and US CPI

Fri, 10 May 2019 14:07

GBPUSD refrained from slipping beneath 200-day SMA level of 1.2960 on Thursday, which in-turn portrays the pair's strength in targeting 1.3090 marks comprising 50-day SMA, with 1.3050 being an intermediate halt. On a further rise above 1.3090, more than two-month-old descending trend-line can limit advances at 1.3150. Given the prices inflate past-1.3150, 1.3200, 1.3270 and 1.3330 may appear on the chart.

On the downside break of 1.2960, an ascending trend-line since early-January, at 1.2920, seems strong support as a break of which can trigger fresh south-run to April lows near 1.2865. Should there be extra weakness in the quote under 1.2865, 61.8% Fibonacci retracement near 1.2790 and February low near 1.2770 may become Bears' favorites.

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