• 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

Today last price 1.3382
Today Daily Change 0.0001
Today Daily Change % 0.01%
Today daily open 1.3381
Daily SMA20 1.3567
Daily SMA50 1.3419
Daily SMA100 1.3529
Daily SMA200 1.3723
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



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