GBP/USD Price Analysis: Depressed near five-week low under 1.2300
|- GBP/USD struggles for direction after breaking the seven-week-old ascending trend line.
- Late-March low becomes likely immediate support.
- 10-day EMA, a fortnight-long falling resistance line cap near-term upside.
GBP/USD maintains the late-US session range between 1.2210 and 1.2245 while trading around 1.2235 during the initial Asian session on Thursday. Even so, the pair carries its downside break of an ascending trend line from March 24.
As a result, sellers remain hopeful to target 1.2130 support comprising March 18 top and March 27 low.
However, the pair’s further downside could make the Cable vulnerable to plunge towards March 20 top surrounding 1.1935.
Alternatively, the pair’s pullback moves beyond the support-turned-resistance line of 1.2285 will have 10-day EMA and a two-week-old descending trend line, respectively around 1.2330 and 1.2355, as following upside barriers.
It should, however, be noted that a sustained break of 1.2355 will enable the quote to challenge 61.8% Fibonacci retracement of March month fall, near 1.2520.
GBP/USD daily chart
Trend: Bearish
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