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6 Aug 2019
GBP/USD technical analysis: On the defensive below 100-hour EMA
- GBP/USD remains below 100-hour EMA, forms lower-highs on the hourly chart.
- 4-day old support-line seems immediate rest ahead of 1.2080.
GBP/USD stays on the defensive below 100-hour exponential moving average (EMA) while making the rounds to 1.2160 ahead of Tuesday’s London open.
Not only its failure to cross 100-hour EMA but recent lower high formation also increases the odds for the pair’s pullback to an upward sloping trend-line since Thursday, at 1.2124.
Should there be increased selling pressure below 1.2124, 1.2110 and latest low surrounding 1.2080 can please bears.
On the contrary, pair’s sustained a break above 100-hour EMA level of 1.2166 enables it to question current month near 1.2190 whereas 200-hour EMA level around 1.2230 and July 31 top near 1.2250 could lure buyers afterward.
GBP/USD hourly chart
Trend: Bearish