GBP/USD Price Analysis: Bears brace for 1.3600

GBP/USD holds lower ground, fading the bounce off monthly low.
Pullback from 50-SMA, easing bullish bias of MACD favor sellers.
Five-week-old support line, previous resistance from mid-September offer key support.

Anil Panchal FXStreet

GBP/USD stays pressured around 1.3670 during the early Asian session on Monday. The cable pair kept Thursday’s pullback from 50-SMA to contribute towards a three-week downtrend by the end of Friday.

In addition to the failures to cross a short-term moving average, the signal line of the MACD teasing a bear cross and also adds to the expectations of witnessing the pair’s further downside.

However, a confluence of an ascending trend line from August 20 and the previous resistance line from September 14, around 1.3600 becomes a tough nut to crack for the GBP/USD sellers.

Should the pair bears keep reins past 1.3600, lows marked during February and July, near 1.3570-65, add to the downside filters.

Meanwhile, a corrective pullback will be immediately challenged by the 50-SMA hurdle of 1.3720, a break of which will highlight 200-SMA near 1.3765.

In a case where GBP/USD bulls manage to cross the 1.3765 resistance, the 1.3800 threshold will be crucial for the cable pair’s further advances.

GBP/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3667
Today Daily Change	-0.0020
Today Daily Change %	-0.15%
Today daily open	1.3687

Trends
Daily SMA20	1.3772
Daily SMA50	1.3788
Daily SMA100	1.39
Daily SMA200	1.3842

Levels
Previous Daily High	1.3736
Previous Daily Low	1.3658
Previous Weekly High	1.3752
Previous Weekly Low	1.361
Previous Monthly High	1.3958
Previous Monthly Low	1.3602
Daily Fibonacci 38.2%	1.3688
Daily Fibonacci 61.8%	1.3706
Daily Pivot Point S1	1.3651
Daily Pivot Point S2	1.3615
Daily Pivot Point S3	1.3573
Daily Pivot Point R1	1.3729
Daily Pivot Point R2	1.3772
Daily Pivot Point R3	1.3808

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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