GBP/USD Price Analysis: Bears can ignore pullback beyond 1.2800

GBP/USD retraces from the lowest in one week to regain 1.2800.
Bearish MACD, monthly falling trend line keeps the sellers hopeful.
Two-month-old horizontal support becomes the key, 1.3010/15 adds to the upside barriers.

Anil Panchal FXStreet

GBP/USD bounces off an intraday low of 1.2803 to 1.2817 during Tuesday’s Asian session. In doing so, the Cable traders trim the previous day’s losses.

However, bearish MACD pushes the buyer to take entries only on the break of a descending trend line from September 01, currently around 1.2930.

It should also be noted that a confluence of 38.2% Fibonacci retracement of June-September upside and 50-day SMA around 1.3010/15 will challenge the bulls afterward.

Meanwhile, a horizontal area comprising July 21 top and the monthly low, between 1.2762 and 1.2767, provides crucial support to the pair.

Also acting as downside barriers are the 61.8% Fibonacci retracement level and July 09 high, respectively close to 1.2720 and 1.2670.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.2818
Today Daily Change	1 pips
Today Daily Change %	0.01%
Today daily open	1.2817

Trends
Daily SMA20	1.3087
Daily SMA50	1.3005
Daily SMA100	1.2719
Daily SMA200	1.2727

Levels
Previous Daily High	1.2967
Previous Daily Low	1.2776
Previous Weekly High	1.3007
Previous Weekly Low	1.2777
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.2849
Daily Fibonacci 61.8%	1.2894
Daily Pivot Point S1	1.2739
Daily Pivot Point S2	1.2662
Daily Pivot Point S3	1.2548
Daily Pivot Point R1	1.293
Daily Pivot Point R2	1.3044
Daily Pivot Point R3	1.3122

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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