GBP/USD Price Analysis: 100-bar SMA checks downside to two-week-old support trendline

GBP/USD drops below the six-day-old support line.
An ascending trend line from April 21 is on the bear’s radars.
A short-term falling resistance line will question the recovery moves.

Anil Panchal FXStreet

Having breached a six-day-old support line, now resistance, GBP/USD takes rounds to 1.2455, down 0.40 on a day, during the Asian session on Monday.

The Cable currently takes rests on the 100-bar SMA level near 1.2450, a break of which could drag it further down to a bit broader support line, around 1.2410.

If at all sellers fail to respect 1.2410 support trend line, 1.2380 might check the bears ahead of pleasing them with the late-April low surrounding 1.2250/45.

Alternatively, a falling trend line from Thursday’s top, at 1.2515 now, can guard the pair’s recovery moves ahead of 1.2600 resistance mark.

Should there be a clear run-up past-1.2600, the April month top close to 1.2645 could lure the buyers.

GBP/USD daily chart

Trend: Pullback expected

Additional Important levels

Overview
Today last price	1.2504
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2504

Trends
Daily SMA20	1.2433
Daily SMA50	1.2442
Daily SMA100	1.2744
Daily SMA200	1.2654

Levels
Previous Daily High	1.2601
Previous Daily Low	1.2483
Previous Weekly High	1.2644
Previous Weekly Low	1.236
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2528
Daily Fibonacci 61.8%	1.2556
Daily Pivot Point S1	1.2458
Daily Pivot Point S2	1.2412
Daily Pivot Point S3	1.234
Daily Pivot Point R1	1.2575
Daily Pivot Point R2	1.2647
Daily Pivot Point R3	1.2693

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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