GBP/USD Technical Analysis: Struggles to find acceptance above a descending trend-line

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   •  The pair's strong intraday up-move struggled to find acceptance above a short-term descending trend-line, extending from Nov. 23-29 tops through overnight swing high.

   •  Meanwhile, the pair's repeated failures to sustain/build on the positive momentum further beyond 200-hour EMA points to persistent selling interest at higher levels. 

   •  Technical indicators on hourly charts have been gaining some traction but are yet to catch up with the positive momentum on the daily chart, further warranting some caution.

   •  Hence, it would be prudent to wait for a strong follow-through buying beyond the mentioned trend-line resistance before positioning for any further near-term recovery.
 

GBP/USD 1-hourly chart


	GBP/USD Technical Analysis: Struggles to find acceptance above a descending trend-line

GBP/USD

Overview:
    Today Last Price: 1.2804
    Today Daily change: 76 pips
    Today Daily change %: 0.597%
    Today Daily Open: 1.2728
Trends:
    Previous Daily SMA20: 1.2871
    Previous Daily SMA50: 1.2962
    Previous Daily SMA100: 1.2972
    Previous Daily SMA200: 1.3311
Levels:
    Previous Daily High: 1.2826
    Previous Daily Low: 1.2699
    Previous Weekly High: 1.2864
    Previous Weekly Low: 1.2725
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2747
    Previous Daily Fibonacci 61.8%: 1.2777
    Previous Daily Pivot Point S1: 1.2676
    Previous Daily Pivot Point S2: 1.2624
    Previous Daily Pivot Point S3: 1.2549
    Previous Daily Pivot Point R1: 1.2803
    Previous Daily Pivot Point R2: 1.2878
    Previous Daily Pivot Point R3: 1.293

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