GBP/USD Price Analysis: Bounces off 50-HMA towards 1.3400

GBP/USD fades pullback from the yearly high flashed the previous day.
Short-term key SMA questions the pair’s downside break of one-week-old support line.
Bearish MACD suggests further weakness, an ascending trend line from August 25 offers additional support.

Anil Panchal FXStreet

GBP/USD recovers losses from a multi-week high while picking up the bids near 1.3395 before Wednesday’s Tokyo open. The Cable refreshed the highest since December 2019 the previous day with a run-up to 1.3482 but couldn’t stay positive as the following pullback broke an ascending trend line from August 27 and recalled the 1.3369 level. The downbeat performance takes clues from bearish MACD to keep the sellers hopeful.

However, a clear break below the 50-HMA level of 1.3379 becomes necessary for the pair to visit a bit longer support line, at 1.3295 now.

In a case where the bears dominate past-1.3295, multiple levels marked during the late-August around 1.3230 and 1.3160 can entertain the traders.

On the flip side, a clear break of the adjacent resistance line, previous support, near 1.3420, will be enough for the bulls to challenge the latest high around 1.3485 and aim for the 1.3500 threshold.

Though, the quote’s further upside depends upon how well it crosses December 2019 top surrounding 1.3515.

GBP/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3395
Today Daily Change	26 pips
Today Daily Change %	0.19%
Today daily open	1.3369

Trends
Daily SMA20	1.3139
Daily SMA50	1.284
Daily SMA100	1.2632
Daily SMA200	1.2732

Levels
Previous Daily High	1.3396
Previous Daily Low	1.3301
Previous Weekly High	1.3357
Previous Weekly Low	1.3054
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.336
Daily Fibonacci 61.8%	1.3337
Daily Pivot Point S1	1.3315
Daily Pivot Point S2	1.3261
Daily Pivot Point S3	1.3221
Daily Pivot Point R1	1.341
Daily Pivot Point R2	1.345
Daily Pivot Point R3	1.3504

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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