GBP/USD Price Analysis: Bears attack weekly support around 1.3150
|- GBP/USD remains pressured around one-week-old ascending support line.
- Bearish MACD signals, failures to cross 1.3190-3200 resistance area favor sellers.
- 50-SMA adds to the downside filters, bulls need validation from 1.3275.
GBP/USD stays depressed for the second consecutive day, down 0.12% intraday around 1.3150 during early Tuesday morning in Europe.
The cable pair’s latest weakness could be linked to the multiple failures to cross the 100-SMA and a 12-day-old horizontal resistance area surrounding 1.3190-3200, as well as the bearish MACD signals.
It’s worth noting that an ascending trend line from the last Tuesday, around 1.3145, challenges the immediate downside of the pair. Also testing the GBP/USD bears is the 50-SMA level of 1.3108.
In a case where GBP/USD declines below 1.3108, also conquered the 1.3100 threshold, the monthly low surrounding the 1.3000 psychological magnet will be in focus.
On the flip side, recovery moves remain elusive below 1.3200, a break of which will direct GBP/USD buyers towards the horizontal line comprising lows marked during late February and early March, close to 1.3275.
During the quote’s run-up beyond 1.3275, the 200-SMA and 61.8% Fibonacci retracement of February-March downside, respectively around 1.3365 and 1.3400, should lure the pair buyers.
GBP/USD: Four-hour chart
Trend: Further weakness expected
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