GBP/USD Price Analysis: Consolidates losses below 1.3600

GBP/USD bounces off 50-bar SMA towards regaining 1.3600.
Bearish MACD, sustained trading below previous support line favor sellers.
The 1.3700 threshold can lure bulls during further corrective pullback.

Anil Panchal FXStreet

GBP/USD retraces the previous day’s heavy losses while picking up the bids near 1.3575-80 during Tuesday’s Asian session. The cable dropped the most in two weeks on Monday as the UK announced fresh lockdown measures to tame the coronavirus (COVID-19) outbreak.

While the quote’s latest bounce off 50-bar SMA favors further consolidation, a clear break of an ascending trend line December 21 and bearish MACD test the bulls.

Hence, the previous support line, currently around 1.3662 guard further recovery moves while the 1.3600 seems imminent on the GBP/USD buyers’ radar.

It should, however, be noted that the sterling’s ability to cross 1.3662, will eye the multi-month top flashed during December 2020, around 1.3705.

On the downside, 50-bar and 200-bar SMAs, respectively around 1.3540 and 1.3410 become strong supports to watch during the quote’s further weakness, more likely.

In a case where the GBP/USD bears refrain from stepping back from 1.3410, the previous month’s low near 1.3130 could return to the charts.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3576
Today Daily Change	8 pips
Today Daily Change %	0.06%
Today daily open	1.3568

Trends
Daily SMA20	1.3474
Daily SMA50	1.3319
Daily SMA100	1.3166
Daily SMA200	1.2858

Levels
Previous Daily High	1.3704
Previous Daily Low	1.3542
Previous Weekly High	1.3686
Previous Weekly Low	1.343
Previous Monthly High	1.3686
Previous Monthly Low	1.3134
Daily Fibonacci 38.2%	1.3604
Daily Fibonacci 61.8%	1.3642
Daily Pivot Point S1	1.3505
Daily Pivot Point S2	1.3442
Daily Pivot Point S3	1.3343
Daily Pivot Point R1	1.3668
Daily Pivot Point R2	1.3767
Daily Pivot Point R3	1.383

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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