GBP/USD Price Analysis: Bears keep controls on the way to 1.3935

GBP/USD remains pressured around six-week low, stays under the key 1.4010-4000 area.
Further losses envisioned on support break, bearish MACD.
100-day SMA offers immediate support ahead of one-year-old rising trend line.

Anil Panchal FXStreet

GBP/USD stays depressed around 1.3990 after dropping the most since April-end, not to forget testing early May levels, during the initial Asian session trading on Thursday. The cable pair’s Fed-led slump broke the three-month-old horizontal support around 1.4010-4000. The bearish sentiment also gains support from the downbeat MACD signals.

Read: GBP/USD bears jump on Fed's switch to hawkish on inflation risks, target 1.3980

That said, GBP/USD seller aim for a 100-day SMA level near 1.3935 during the further downside but an ascending support line from May 2020, near 1.3900, could challenge the bears afterward.

In the case where the quote drops below 1.3900, April-end lows near 1.3800 should return to the charts.

Meanwhile, corrective pullback beyond 1.4010 needs to cross the multiple supports, now resistances, marked from late May around 1.4090 to keep the buyers hopeful.

Additionally, the 1.4100 threshold, 1.4185 and the monthly high near 1.4250 could challenge the GBP/USD bulls afterward.

Overall, GBP/USD suggests further downside the break of near-term key support another one on the line may test the bears soon.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.3993
Today Daily Change	-89 pips
Today Daily Change %	-0.63%
Today daily open	1.4082

Trends
Daily SMA20	1.4151
Daily SMA50	1.401
Daily SMA100	1.3932
Daily SMA200	1.3582

Levels
Previous Daily High	1.4129
Previous Daily Low	1.4034
Previous Weekly High	1.4191
Previous Weekly Low	1.4073
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.407
Daily Fibonacci 61.8%	1.4093
Daily Pivot Point S1	1.4035
Daily Pivot Point S2	1.3987
Daily Pivot Point S3	1.394
Daily Pivot Point R1	1.4129
Daily Pivot Point R2	1.4176
Daily Pivot Point R3	1.4223

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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