GBP/USD Price Analysis: Bounces off monthly support to defend 1.3800


  • GBP/USD consolidates the previous day’s losses, picks up bids of late.
  • Sluggish MACD challenges recovery moves inside short-term rising channel.
  • 200-SMA adds to the upside filters, channel support will be crucial for bears.

GBP/USD pokes intraday high of 1.3835, up 0.05% intraday during the subdued Asian session on Friday.

In doing so, the cable pair pares Thursday’s losses following its bounce off a two-week-old horizontal support zone surrounding the 1.3800 threshold.

Even so, MACD conditions aren’t favorable to the pair’s further upside, which in turn suggests fresh pullback from nearby resistances, namely 1.3875-80 and the 1.3900 round figure.

Should the quote fails to reverse from 1.3900, the upper line of an ascending trend channel from June 30 near 1.3920 and 200-SMA level close to 1.3955 become the key hurdles to watch.

Meanwhile, a downside break of the 1.3800 nearby support will direct GBP/USD sellers to attack the channel’s support close to 1.3780.

It’s worth noting that the pair’s sustained break of 1.3780 will confirm the bearish trajectory towards the lows marked during March and April surrounding 1.3670. During the fall, the monthly bottom of 1.3731 may test the pair bears.

GBP/USD: Four-hour chart

Trend: Tepid recovery expected 

Additional important levels

Overview
Today last price 1.3834
Today Daily Change 0.0006
Today Daily Change % 0.04%
Today daily open 1.3828
 
Trends
Daily SMA20 1.3856
Daily SMA50 1.4016
Daily SMA100 1.3937
Daily SMA200 1.3692
 
Levels
Previous Daily High 1.3899
Previous Daily Low 1.3805
Previous Weekly High 1.3908
Previous Weekly Low 1.3742
Previous Monthly High 1.4249
Previous Monthly Low 1.3787
Daily Fibonacci 38.2% 1.3841
Daily Fibonacci 61.8% 1.3863
Daily Pivot Point S1 1.3789
Daily Pivot Point S2 1.375
Daily Pivot Point S3 1.3695
Daily Pivot Point R1 1.3883
Daily Pivot Point R2 1.3938
Daily Pivot Point R3 1.3977

 

 

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