GBPUSD falls on Monday but bounces off a key downside target., – ForexLive

GBP/USD fell on Monday after peaking near the volatile area. 1.27159sellers appeared to cap the upside. The subsequent decline took the pair below several key technical levels. 100-bar moving average on 4-hour chart (1.2676), 100 hour moving average (1.2666),and 200 hour moving average (1.26244).

Lows for the day were recorded at: 1.26164just before the upper limit of the key swing area between. 1.2596 and 1.26147. What is noteworthy is the level 1.26147 also matches 50% retracement of the movement from 2023 low to 2024 high.. A rebound from this level provided an important hold for buyers, providing temporary relief and preventing further declines.

Since then, the price has moved back towards the previously broken moving average and is now acting as a resistance level. of 100 hour moving average and 100 bar moving averageclustered between 1.2666 and 1.2676represents an important hurdle for bulls. A break above these levels will shift the bias back in favor of buyers.

However, the price is still below these moving averages at the moment and is currently trading around them. 1.2654the seller has a slight advantage. At the heart of the battle between buyers and sellers is Resistance value is 1.2676 and Support is 1.26147. A breakout of either level on a new trading day will likely set the tone for the next directional move.