GBP/USD Price Analysis: Bulls face rejection near 1.3915

GBP/USD extends losses in the Asian session.
Bulls remain on the defensive below the 1.3900 mark.
Neutral momentum oscillator warns any directional bet.

Rekha Chauhan Independent Analyst

The GBP/USD pair meets a strong hurdle around the 1.3915 mark and finds it difficult to hold on to Monday's gain in the Asian trading hours.

At the time of writing, GBP/USD is trading at 1.3899, down 0.06% on the day.

GBP/USD daily chart

On the daily chart, the pair has been moving in an upward channel where prices face rejection near the bullish slope line. After consolidation in a trading range of 1.3870-1.3950, prices broke below the 50-day simple moving average (DMA) and tested the lows near the 1.3800 region for two straight sessions. Thus, the spot marked the mentioned level as a strong support zone for the pair.

On moving downward, GBP/USD bears would meet up the 50-DMA near 1.3860 followed by Monday’s low near the 1.3800 region, a double bottom formation. Again, prices could retest April 16 lows in the vicinity of 1.3720.
The Moving Average Convergence Divergence (MACD) indicator is placed comfortably above the midline, with an upward bias. This provides GBP/USD bulls with the first hurdle near 1.3950 followed by 1.4050 horizontal resistance zone. Next, the bulls would keep their eyes on February 22 highs near the 1.4090 region.

GBP/USD additional levels

GBP/USD

Overview
Today last price	1.3887
Today Daily Change	-0.0022
Today Daily Change %	-0.16
Today daily open	1.3909

Trends
Daily SMA20	1.3844
Daily SMA50	1.3869
Daily SMA100	1.3767
Daily SMA200	1.3432

Levels
Previous Daily High	1.3932
Previous Daily Low	1.3801
Previous Weekly High	1.3976
Previous Weekly Low	1.3803
Previous Monthly High	1.4009
Previous Monthly Low	1.3669
Daily Fibonacci 38.2%	1.3882
Daily Fibonacci 61.8%	1.3851
Daily Pivot Point S1	1.383
Daily Pivot Point S2	1.375
Daily Pivot Point S3	1.3699
Daily Pivot Point R1	1.3961
Daily Pivot Point R2	1.4012
Daily Pivot Point R3	1.4091

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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