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Technical Analysis

GBPUSD Turning Lower

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Sterling is turning lower, after failing to move above the pairs key 50-hour moving average, at 1.3515. The British pound is also coming in-line with the broader intraday theme of overall U.S dollar index strength.

Yesterday, the pair printed an explosive 1-hour price-candle immediately after the Federal Reserve interest decision, with price-action spiking to a new yearly high, at 1.3657, and then falling to a new weekly low, at 1.3552.

A higher time frame price-close below the 1.3473 level should accelerate technical selling, whilst a higher time-frame price close above 1.3515 should encourage buying interest.

Key intraday GBPUSD support is found at 1.3452 and 1.3420, with key intraday support from the pairs key 100-week moving average, at 1.3382.

To the upside, key intraday GBPUSD resistance is found 1.3496 and 1.3515. Once closing above 1.3515, further resistance is seen at the daily pivot, at 1.3538, and the 50 percent Fibonacci retracement of yesterday's daily range, at 1.3557.

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