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GBPUSD Bears Tore Through the 1.2600 Support

Johnathon Fox
08/29/2023 | UPDATED ON: 08/29/2023

Just when price action in the GBPUSD seemed set for a correction towards the 1.2800 price level, headwinds caused a serious setback as bulls were pushed back deep into their territory. At this point, buyers are recovering below the 1.2600 price mark. Lets see if price action may re-enter above the 1.2600 mark.

Major Price Levels:
Resistance Levels: 0.6395, 0.6450, and 0.6550
Support Levels: 0.6350, 0.6300, and 0.6250

GBPUSD Bears Tore Through the 1.2600 Support

GBPUSD Buyers Are Eying the 1.2600 Resistance Price Mark

After GBPUSD price action crashed through multiple support levels during last week’s trading activities, this week seems to be presenting some upside hopes already. From the current position of the GBPUSD below the 1.2600 mark. Buyers seem to be targeting a retracement above the mentioned resistance, considering the appearance of the last two price candles.

Although price action remains significantly below the Smooth Moving Average (SMA) curve, the last bar of the Moving Average Convergence Divergence (MACD) indicator is already pointing out that headwinds in this market may have started losing momentum. This can be seen through the last histogram bar of the MACD, as it is now appearing pale red.

GBPUSD Bears Tore Through the 1.2600 Support

GBPUSD Is up Against Headwinds, Even Below the 1.2600 Mark

On the GBPUSD 4-hour market, price action seems to have found support above the crossed 9- and 21-day SMA lines. Although the last price candle on this chart has its body positioned far above the SMA lines, its color seems to point out that a headwind may be developing even now. But on the contrary, the MACD lines continue to rise toward the equilibrium level from under it.

Also, its bars are solid green but of equal length, which reflects the minimal effect of downward forces. It appears that this pair needs some impetus from the UK to support its upside ambition. Therefore, long traders should monitor fundamentals coming from the pound region to bolster their hopes of a further upside correction towards the 1.2650 price mark.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
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