GBP/USD Price Analysis: Bears flirt with five-month-old support near 1.3800

GBP/USD stays pressured after reversing from monthly high.
Sustained trading below 100-SMA, absence of oversold RSI back the bears.
200-DMA lures bears, March-April lows add strength to the support.

Anil Panchal FXStreet

GBP/USD bears take a breather around 1.3800, following a U-turn from the one-week top, amid Wednesday’s Asian session. In doing so, the cable takes rounds to an ascending support line from early February.

Given the room between the RSI’s current condition and oversold levels, not to forget the pair’s failure to keep bounce off the stated support line, GBP/USD bears remain hopeful to visit the 1.3670-60 support-zone, comprising 200-DMA and lows marked during March and April.

During the fall, the monthly low, also the lowest since mid-April, near 1.3730, will precede the 1.3700 threshold to entertain short-term sellers.

Alternatively, the recent high around 1.3900 and the 100-DMA level close to 1.3950 challenge the quote’s corrective bounce ahead of the 1.4000 psychological magnet.

Even if the GBP/USD prices cross the 1.4000 hurdle, bulls need a clear break of the 1.4010 level to aim for early June lows surrounding 1.4085.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3802
Today Daily Change	-0.0043
Today Daily Change %	-0.31%
Today daily open	1.3845

Trends
Daily SMA20	1.3955
Daily SMA50	1.4027
Daily SMA100	1.3951
Daily SMA200	1.3655

Levels
Previous Daily High	1.3862
Previous Daily Low	1.3817
Previous Weekly High	1.394
Previous Weekly Low	1.3732
Previous Monthly High	1.4249
Previous Monthly Low	1.3787
Daily Fibonacci 38.2%	1.3845
Daily Fibonacci 61.8%	1.3834
Daily Pivot Point S1	1.3821
Daily Pivot Point S2	1.3797
Daily Pivot Point S3	1.3776
Daily Pivot Point R1	1.3866
Daily Pivot Point R2	1.3886
Daily Pivot Point R3	1.391

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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