GBP/USD Price Analysis: Bulls face rejection near 1.3915
|- GBP/USD extends losses in the Asian session.
- Bulls remain on the defensive below the 1.3900 mark.
- Neutral momentum oscillator warns any directional bet.
The GBP/USD pair meets a strong hurdle around the 1.3915 mark and finds it difficult to hold on to Monday's gain in the Asian trading hours.
At the time of writing, GBP/USD is trading at 1.3899, down 0.06% on the day.
GBP/USD daily chart
On the daily chart, the pair has been moving in an upward channel where prices face rejection near the bullish slope line. After consolidation in a trading range of 1.3870-1.3950, prices broke below the 50-day simple moving average (DMA) and tested the lows near the 1.3800 region for two straight sessions. Thus, the spot marked the mentioned level as a strong support zone for the pair.
On moving downward, GBP/USD bears would meet up the 50-DMA near 1.3860 followed by Monday’s low near the 1.3800 region, a double bottom formation. Again, prices could retest April 16 lows in the vicinity of 1.3720.
The Moving Average Convergence Divergence (MACD) indicator is placed comfortably above the midline, with an upward bias. This provides GBP/USD bulls with the first hurdle near 1.3950 followed by 1.4050 horizontal resistance zone. Next, the bulls would keep their eyes on February 22 highs near the 1.4090 region.
GBP/USD additional levels
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