GBP/USD Price Analysis: Bears in control, cling to multi-day support near 1.4080
|- GBP/USD remains muted in the Asian session.
- Bears seek more opportunities if price decisively breaks 1.4080.
- Momentum oscillator hints at downside momentum.
The GBP/USD pair started the session on Wednesday on a lower note. The pair recovered from the low of 1.4034 on Tuesday to close near the 1.4080 mark, where it waivers now.
GBP/USD daily chart
On the daily chart, the GBP/USD pair has been pressurized near the 1.4225 mark, with the formation of multiple tops in the region. The pair closed below the 1.4100 key psychological mark for the first time since May 17.
The ascending trendline from the low of 1.3801 acts as a wall of defense for the bulls. If price breaks the bullish sloping line, then it could retest May 14 low at 1.4036.
Next, GBP/USD would navigate toward the 50-day Simple Moving Average (SMA) at 1.4000.
The receding Moving Average Convergence Divergence (MACD) indicator suggests that the downside momentum will continue till the 1.3970 horizontal resistance level.
Alternatively, if price moves and sustains above the session’s high, then GBP/USD would try to occupy the previous day's high in the vicinity of the 1.4130 area.
The next area of resistance could be found at May 26 high at 1.4175 followed by the high made on May 28 at 1.4210.
GBP/USD additional levels
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