GBP/USD Price Analysis: Cable buyers remain cautious below tested 1.2470 resistance

GBP/USD struggles to defend latest gains, prints mild losses while snapping two-day uptrend.
Clear downside break of one-month-old previous support line joins sluggish MACD signals, steady RSI to tease sellers.
100-EMA, ascending support line from early April challenge Cable bears.

Anil Panchal FXStreet

GBP/USD remains pressured around 1.2430, printing minor losses amid Thursday’s Asian session after a two-day uptrend. In doing so, the Cable pair stays on the bear’s radar amid multiple failures to cross the previous support line stretched from late March.

Adding strength to the downside bias could be the sluggish MACD signals and steady RSI (14) line.

However, the 100-SMA and a one-month-old resistance line, respectively near 1.2400 and 1.2370, restrict the GBP/USD pair’s short-term downside.

It’s worth noting that a short-term horizontal line around 1.2350 holds the key to the GBP/USD pair’s slump toward the monthly low of 1.2275.

Following that, the late March swing low near 1.2190 and the 1.2000 round figure will gain the market’s attention.

On the flip side, a clear upside break of the 1.2470 support-turned-resistance will be enough for the GBP/USD buyers to retake control.

In that case, the 1.2500 round figure and the monthly high of near 1.2550 should gain major attention before directing the Cable pair buyers towards the May 2022 high of near 1.2665.

Overall, GBP/USD is likely to remain downbeat unless crossing 1.2470.

GBP/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.2428
Today Daily Change	-0.0012
Today Daily Change %	-0.10%
Today daily open	1.244

Trends
Daily SMA20	1.2394
Daily SMA50	1.2195
Daily SMA100	1.2194
Daily SMA200	1.1921

Levels
Previous Daily High	1.2474
Previous Daily Low	1.2392
Previous Weekly High	1.2546
Previous Weekly Low	1.2344
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2443
Daily Fibonacci 61.8%	1.2424
Daily Pivot Point S1	1.2397
Daily Pivot Point S2	1.2354
Daily Pivot Point S3	1.2315
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2517
Daily Pivot Point R3	1.256

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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