GBP/USD Price Analysis: Bears aim for 1.3290-75 key support zone

GBP/USD stays pressured around yearly low after four-day downtrend.
Bearish MACD signals, sustained trading below September 2020 peak favor sellers.
100-week SMA, four-month-old support line offers a tough nut to crack for the bears.

Anil Panchal FXStreet

GBP/USD grinds lower around the yearly bottom surrounding 1.3320 amid the initial Asian session on Thursday, after declining for consecutive four days.

Given the cable pair’s failures to rebound following the downside break of the September 2020 high, coupled with the bearish MACD signals, sellers are likely to keep the reins.

However, a convergence of the 100-week SMA and a descending trend line from late July, around 1.3290-75 appears a major challenge for the pair bears.

Even if the quote drops past 1.3275, the 200-week SMA and 38.2% Fibonacci retracement (Fibo.) of March 2020 to June 2021 upside, near 1.3165-60, will act as an additional puzzle for the GBP/USD sellers to solve.

Meanwhile, corrective pullback remains elusive until crossing September 2020 top of 1.3482.

Adding to the upside filters is the 23.6% Fibo. level near 1.3580 and a monthly high surrounding 1.3700.

GBP/USD: Weekly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.3325
Today Daily Change	-0.0055
Today Daily Change %	-0.41%
Today daily open	1.338

Trends
Daily SMA20	1.3527
Daily SMA50	1.3614
Daily SMA100	1.371
Daily SMA200	1.383

Levels
Previous Daily High	1.341
Previous Daily Low	1.3343
Previous Weekly High	1.3514
Previous Weekly Low	1.3396
Previous Monthly High	1.3834
Previous Monthly Low	1.3434
Daily Fibonacci 38.2%	1.3368
Daily Fibonacci 61.8%	1.3384
Daily Pivot Point S1	1.3346
Daily Pivot Point S2	1.3311
Daily Pivot Point S3	1.3279
Daily Pivot Point R1	1.3412
Daily Pivot Point R2	1.3445
Daily Pivot Point R3	1.348

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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