GBP/USD Price Analysis: Bears attack weekly support around 1.3150

GBP/USD remains pressured around one-week-old ascending support line.
Bearish MACD signals, failures to cross 1.3190-3200 resistance area favor sellers.
50-SMA adds to the downside filters, bulls need validation from 1.3275.

Anil Panchal FXStreet

GBP/USD stays depressed for the second consecutive day, down 0.12% intraday around 1.3150 during early Tuesday morning in Europe.

The cable pair’s latest weakness could be linked to the multiple failures to cross the 100-SMA and a 12-day-old horizontal resistance area surrounding 1.3190-3200, as well as the bearish MACD signals.

It’s worth noting that an ascending trend line from the last Tuesday, around 1.3145, challenges the immediate downside of the pair. Also testing the GBP/USD bears is the 50-SMA level of 1.3108.

In a case where GBP/USD declines below 1.3108, also conquered the 1.3100 threshold, the monthly low surrounding the 1.3000 psychological magnet will be in focus.

On the flip side, recovery moves remain elusive below 1.3200, a break of which will direct GBP/USD buyers towards the horizontal line comprising lows marked during late February and early March, close to 1.3275.

During the quote’s run-up beyond 1.3275, the 200-SMA and 61.8% Fibonacci retracement of February-March downside, respectively around 1.3365 and 1.3400, should lure the pair buyers.

GBP/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3153
Today Daily Change	-0.0016
Today Daily Change %	-0.12%
Today daily open	1.3169

Trends
Daily SMA20	1.3243
Daily SMA50	1.3433
Daily SMA100	1.3415
Daily SMA200	1.3596

Levels
Previous Daily High	1.321
Previous Daily Low	1.3127
Previous Weekly High	1.3211
Previous Weekly Low	1.3
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3159
Daily Fibonacci 61.8%	1.3178
Daily Pivot Point S1	1.3127
Daily Pivot Point S2	1.3086
Daily Pivot Point S3	1.3044
Daily Pivot Point R1	1.3211
Daily Pivot Point R2	1.3252
Daily Pivot Point R3	1.3294

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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