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GBP/USD – Will the price meet the 50/100 SMAs

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 18 Dec 2022
Category: GBP/USD
Technical Analysis gbpusd

Table of Contents

After hawkish Fed meeting minutes, the GBP/USD price stalled the uptrend. The bearish engulfing candlestick on the daily chart reveals a potential downtrend that may lead toward the conjunction of 50-day and 100-day SMAs around 1.1700.

However, the price at current levels may find mild support from the 20-day and 200-day SMAs. Breaking below the level may gather selling traction. It is important to watch the risk sentiment, and the dollar’s reaction to the Core PCE data release as these remain the driving forces next week.

Key levels to watch

Support 1: 1.2050

Support 2: 1.1950

Support 3: 1.1750

Resistance 1: 1.22250

Resistance 2: 1.2325

Resistance 3: 1.2410

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