GBP/USD Price Analysis: 15-week-old rising trendline on bears’ radar

GBP/USD remains weak around the seven-day low.
Prices continue the pullback from 50-day SMA amid bearish MACD.
An ascending trend line from early-November 2019, 50% Fibonacci retracement can question the sellers.

Anil Panchal FXStreet

GBP/USD declines to 1.2920 during Thursday’s Asian session. In doing so, the pair extends its U-turn from 50-day SMA while nearing the key support trend line from November 2019. Also supporting the odds of the pair’s further declines could be the bearish MACD.

As a result, sellers target the multi-week-old support line, at 1.2885 as the immediate support ahead of aiming the 50% Fibonacci retracement of the pair’s October-December 2019 upside, at 1.2855.

However, the pair’s further downside below 1.2855 can only have November 2019 low of 1.2770 to please the sellers ahead of challenging them with 1.2700/2695 confluence that includes 61.8% Fibonacci retracement and 200-day SMA.

On the contrary, a clear upside beyond 50-day SMA level of 1.3060 enables the buyers to aim for the monthly high near 1.3070 ahead of confronting 1.3200 resistance, comprising the 23.6% Fibonacci retracement.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2926
Today Daily Change	2 pips
Today Daily Change %	0.02%
Today daily open	1.2924

Trends
Daily SMA20	1.3013
Daily SMA50	1.3058
Daily SMA100	1.2949
Daily SMA200	1.2693

Levels
Previous Daily High	1.3024
Previous Daily Low	1.2907
Previous Weekly High	1.307
Previous Weekly Low	1.2872
Previous Monthly High	1.3281
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.2952
Daily Fibonacci 61.8%	1.2979
Daily Pivot Point S1	1.2879
Daily Pivot Point S2	1.2835
Daily Pivot Point S3	1.2762
Daily Pivot Point R1	1.2996
Daily Pivot Point R2	1.3069
Daily Pivot Point R3	1.3113

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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