GBP/USD Price Analysis: Inside short-term falling channel
|- GBP/USD struggles around the multi-year low.
- A short-term bearish technical formation, 100-HMA restrict immediate upside.
- 1.1400 becomes the key support-confluence.
Despite marking 0.40% gains on the daily basis, GBP/USD recovery seems doubtful inside the immediate falling trend channel. The cable pair currently takes rounds to 1.1590 during the Asian session on Tuesday.
Even if the quote manages to cross 1.1620 channel resistance, a confluence of 100-Hour Moving Average (HMA) and 38.2% Fibonacci retracement of March 18/19 declines, around 1.1680/85 could question the buyers afterward.
If the recently bullish MACD help the quote to cross 1.1685, the pair can extend the recovery moves to the last-week top surrounding 1.1935.
Meanwhile, 1.1470 can offer immediate support to the pair during its pullback.
However, the channel’s support and the monthly low, also the lowest since 1985, around 1.1400 becomes the key support.
GBP/USD hourly chart
Trend: Bearish
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.