GBP/USD Price Analysis: Bears need to crack this key support to test 100-DMA


  • 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

GBP/USD

Overview
Today last price 1.3735
Today Daily Change 0.0005
Today Daily Change % 0.04
Today daily open 1.3732
 
Trends
Daily SMA20 1.3822
Daily SMA50 1.3854
Daily SMA100 1.3682
Daily SMA200 1.3328
 
Levels
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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