- GBP/USD extends four-day losing streak into Friday’s trading.
- Ascending trendline support at 1.3704 is a level to beat for the GBP bears.
- Bearish RSI keeps the 100-DMA target at 1.3686 on the sellers’ radars.
GBP/USD is licking its wound below 1.3750, holding within Thursday’s trading range, as the bears await a strong catalyst for the next push lower.
The daily chart for the cable offers strong support at the two-month-old ascending trendline support at 1.3704, as the bearish Relative Strength Index (RSI) adds credence to the further downside.
A firm break below that support could expose the upward-sloping 100-DMA at 1.3686, which remains on the sellers’ radars after the price confirmed a bear cross earlier this week.
GBP/USD: Daily chart
A bearish crossover on the said timeframe got confirmed after the 21-DMA pierced through the 50-DMA from above.
On the flip side, the GBP bulls need to take out Thursday’s high at 1.3783 in order to extend the bounce towards the bearish 21-DMA at 1.3818.
Further up, the 50-DMA at 1.3854 would be the level to beat for the bulls.
GBP/USD: Additional levels
|Today last price||1.3735|
|Today Daily Change||0.0005|
|Today Daily Change %||0.04|
|Today daily open||1.3732|
|Previous Daily High||1.3783|
|Previous Daily Low||1.3719|
|Previous Weekly High||1.3853|
|Previous Weekly Low||1.3706|
|Previous Monthly High||1.4017|
|Previous Monthly Low||1.3671|
|Daily Fibonacci 38.2%||1.3743|
|Daily Fibonacci 61.8%||1.3758|
|Daily Pivot Point S1||1.3707|
|Daily Pivot Point S2||1.3681|
|Daily Pivot Point S3||1.3643|
|Daily Pivot Point R1||1.377|
|Daily Pivot Point R2||1.3808|
|Daily Pivot Point R3||1.3834|
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