• GBP/USD struggles to keep the bounce off five-week low.
  • Bearish MACD signals, sustained trading below short-term key supports favor sellers.
  • Fortnight-old resistance line, 21-DMA challenge immediate upside moves.

GBP/USD fades the corrective pullback from a horizontal area established since early November, retreating to 1.3380 amid Friday’s Asian session.

The cable pair dropped during the last two trading sessions before the bears took a breather around the five-week low of 1.3357.

That said, the rebound struggles around the 61.8% Fibonacci retracement (Fibo.) level of December-January upside, near 1.3390, of late.

In addition to the immediate Fibo. resistance, the 50-DMA and a descending trend line from January 14, respectively around 1.3420 and 1.3470, act to challenge the GBP/USD buyers.

It’s worth noting that bearish MACD signals and downbeat RSI conditions, not oversold, are in favor of the GBP/USD sellers.

As a result, the fresh selling may wait for a clear downside break of the aforementioned horizontal support stretched from November 11, around 1.3350-60.

Following that, 1.3280 may act as a buffer during the GBP/USD south-run targeting December’s low near 1.3160.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.3382
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 1.3381
 
Trends
Daily SMA20 1.3567
Daily SMA50 1.3419
Daily SMA100 1.3529
Daily SMA200 1.3723
 
Levels
Previous Daily High 1.3468
Previous Daily Low 1.3358
Previous Weekly High 1.369
Previous Weekly Low 1.3546
Previous Monthly High 1.355
Previous Monthly Low 1.3161
Daily Fibonacci 38.2% 1.34
Daily Fibonacci 61.8% 1.3426
Daily Pivot Point S1 1.3336
Daily Pivot Point S2 1.3292
Daily Pivot Point S3 1.3226
Daily Pivot Point R1 1.3447
Daily Pivot Point R2 1.3513
Daily Pivot Point R3 1.3557

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls flirt with 0.7100 with eyes on Aussie Retail Sales, US PCE Inflation

AUD/USD bulls flirt with 0.7100 with eyes on Aussie Retail Sales, US PCE Inflation

AUD/USD holds onto the recently sidelined moves around 0.7100 as bulls and bears jostle over mixed clues heading into the key data on Friday. Also restricting the Aussie prices are downbeat statistics at home and looming economic fears over the largest customer China.

AUD/USD News

EUR/USD approaches 1.0750 key hurdle ahead of US PCE Inflation

EUR/USD approaches 1.0750 key hurdle ahead of US PCE Inflation

EUR/USD grinds higher around the weekly top, as well as monthly high, recently steady around 1.0735 as bulls await fresh clues during a lackluster Asian session on Friday. Shrinking Fed vs. ECB divergence appears the key catalyst to recall bulls, highlighting US PCE Price Index for April.

EUR/USD News

Gold bounces from $1,850, DXY remains soft on soaring market mood

Gold bounces from $1,850, DXY remains soft on soaring market mood

Gold price (XAU/USD) witnessed a minor pullback towards $1,850.00 in its initial trading hours but has bounced back sharply. The precious metal is displaying a balance auction in a range of $1,840.76-1,856.35 from Wednesday.

Gold News

Will Cardano price finally show its cards?

Will Cardano price finally show its cards?

Cardano price is preparing for a retest of $0.80. Still, jumping in early might be too risky. Traders should wait for confirmation signals.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures