GBP/USD Price Analysis: Struggles to justify Thursday’s bearish spinning top below 1.2600
- GBP/USD extends pullback from 1.2536 after flashing a bearish candlestick formation the previous day.
- Failures to cross 200-day EMA, lower high from the recent top favors the sellers.
- Bulls will have a bumpy road before challenging the June month top.
GBP/USD extends the latest recovery moves from 1.2536 to 1.2558 during the early Asian session on Friday. The Cable took a U-turn from 200-day EMA but couldn’t slip below 21-day EMA, which in turn portrayed a bearish spinning top on Thursday. The resulted formation gains support from the pair’s lower highs since July 09.
As a result, the sellers remain hopeful to attack the monthly low of 1.2480 1.2525, comprising 21-day EMA, followed by 1.2500, acting as immediate supports.
Should there be a clear downside past-1.2480, 1.2400 and 1.2350/45 can entertain the pessimists ahead of pushing them to June month’s low near 1.2250.
Alternatively, a daily close beyond 200-day EMA level of 1.2590 could renew attempts to refresh the monthly high of 1.2670. In doing so, 1.2625/30 can offer an intermediate halt during the rise.
GBP/USD daily chart
Trend: Bearish
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-