GBP/USD Price Analysis: Bears attack two week low near 1.3150

GBP/USD extends losses below 21-day SMA, fails to stretch pullback from 1.3140 beyond 1.3184.
An ascending trend line from July 30 lures the sellers.
Bulls need to cross August 19 top to retake the controls.

Anil Panchal FXStreet

GBP/USD drops to 1.3150, intraday low of 1.3140, during early Tuesday. In doing so, the Cable keeps Monday’s weakness past-21-day SMA amid normal RSI conditions. It should be noted that the pair marked a daily low of 1.3140 the previous day.

As a result, the bears are likely to target a short-term ascending support line near 1.3120 but the late-August lows near 1.3060 may restrict the quotes’ further weakness.

In a case where the sellers keep the reins after 1.3060, the 1.3000 threshold and July 30 low near 1.2945 will be the key to watch.

Alternatively, an upside break of 21-day SMA, currently around 1.3190 will need to cross the August 19 high of 1.3267 to recall the buyers. However, 1.3200 may offer an intermediate halt during the rise.

Should the pair manages to stay positive past-1.3267, it can easily refresh the multi-month-old resistance above 1.3480.

GBP/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3144
Today Daily Change	-20 pips
Today Daily Change %	-0.15%
Today daily open	1.3164

Trends
Daily SMA20	1.3189
Daily SMA50	1.293
Daily SMA100	1.2672
Daily SMA200	1.2741

Levels
Previous Daily High	1.3279
Previous Daily Low	1.314
Previous Weekly High	1.3482
Previous Weekly Low	1.3176
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.3194
Daily Fibonacci 61.8%	1.3226
Daily Pivot Point S1	1.311
Daily Pivot Point S2	1.3056
Daily Pivot Point S3	1.2971
Daily Pivot Point R1	1.3249
Daily Pivot Point R2	1.3334
Daily Pivot Point R3	1.3388

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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