GBP/USD Price Analysis: Bulls struggle to keep gains above 1.3430

Omkar Godbole FXStreet Contributor

GBP/USD is trading largely unchanged on the day near 1.3413 at press time, having faced multiple rejections above 1.3430 in the past nine hours.

The struggle to keep gains above 1.3430 has weakened the immediate bullish case put forward by the 4-hour chart sideways channel breakout confirmed on Tuesday.

As such, a re-test pf 1.3398 – the upper end of the sideways channel – could be in the offing. A bounce from that level would revive the case for a rally to 1.3483 (Sept. 1 high).

Alternatively, acceptance under 1.3398 would shift risk in favor of a drop to 1.3285 (Nov. 27 low).

4-hour chart

Trend: Neutral-to-bearish

Technical levels

GBP/USD

Overview
Today last price	1.3413
Today Daily Change	-0.0006
Today Daily Change %	-0.04
Today daily open	1.3427

Trends
Daily SMA20	1.3249
Daily SMA50	1.3066
Daily SMA100	1.3037
Daily SMA200	1.2733

Levels
Previous Daily High	1.3442
Previous Daily Low	1.3316
Previous Weekly High	1.3398
Previous Weekly Low	1.3264
Previous Monthly High	1.3398
Previous Monthly Low	1.2854
Daily Fibonacci 38.2%	1.3394
Daily Fibonacci 61.8%	1.3364
Daily Pivot Point S1	1.3348
Daily Pivot Point S2	1.3268
Daily Pivot Point S3	1.3221
Daily Pivot Point R1	1.3474
Daily Pivot Point R2	1.3521
Daily Pivot Point R3	1.3601

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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