GBP/USD Price Analysis: Break of short-term support line probes three-week low under 1.2300

GBP/USD prints three-day losing streak, extends pullback from 1.2467.
Late-April low offers immediate support ahead of the multi-day-old horizontal line.
A nine-day-old falling trend line restricts immediate upside.

Anil Panchal FXStreet

GBP/USD drops to 1.2257, intraday low of 1.2255, amid the initial Asian session on Wednesday. The pair recently broke an upward sloping trend line from April 06 while trading near April 21 low.

Although nearly oversold RSI conditions signal a pause in selling around the late-April low close to 1.2250/45, pair’s further downside can challenge the April month low near 1.2165.

However, horizontal support comprising March 18 top and late-March lows, surrounding 1.2140/45, can question bears afterward.

Alternatively, a descending trend line from April 30, at 1.2400 now, keeps the pair’s recoveries capped whereas the support-turned-resistance line near 1.2285 can check immediate buying.

In a case where the bulls dominate past-1.2400, 1.2470 and 1.2485 can offer intermediate halts before fueling the quote towards the previous month's top near 1.2650.

GBP/USD four-hour chart

Trend: Further downside likely

Additional important levels

Overview
Today last price	1.2256
Today Daily Change	-79 pips
Today Daily Change %	-0.64%
Today daily open	1.2335

Trends
Daily SMA20	1.2432
Daily SMA50	1.2383
Daily SMA100	1.2702
Daily SMA200	1.2661

Levels
Previous Daily High	1.2438
Previous Daily Low	1.2283
Previous Weekly High	1.2504
Previous Weekly Low	1.2266
Previous Monthly High	1.2648
Previous Monthly Low	1.2165
Daily Fibonacci 38.2%	1.2342
Daily Fibonacci 61.8%	1.2379
Daily Pivot Point S1	1.2266
Daily Pivot Point S2	1.2197
Daily Pivot Point S3	1.2111
Daily Pivot Point R1	1.2421
Daily Pivot Point R2	1.2507
Daily Pivot Point R3	1.2576

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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