GBP/USD Price Analysis: Corrective pullback needs validation from 1.3180

GBP/USD licks its wounds near the lowest levels since November 2020.
Oversold RSI conditions probe further downside, multiple levels marked since October 2020 guard recovery moves.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3120, up 0.12% intraday after refreshing the 16-month low with a small downtick in early Asian session during Tuesday.

Although the oversold RSI conditions seem to have triggered the cable pair’s latest rebound, the previous support line from October 2020, around 1.3170-80, restricts the quote’s further upside.

Even if the GBP/USD prices cross the 1.3180 immediate hurdle, a convergence of the 10-DMA and a descending trend line from February’s peak will challenge the pair’s advances around 1.3330.

Alternatively, a clear downside break of the 1.3100 becomes necessary to send fresh invitations to GBP/USD bears.

Following that, 78.6% Fibonacci retracement (Fibo.) of September 2020 to February 2021 upside, near the 1.3010, as well as the 1.3000 psychological magnet, will be in focus.

Overall, GBP/USD remains on the bear’s radar despite the latest corrective pullback.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.312
Today Daily Change	0.0012
Today Daily Change %	0.09%
Today daily open	1.3108

Trends
Daily SMA20	1.3471
Daily SMA50	1.3516
Daily SMA100	1.348
Daily SMA200	1.3647

Levels
Previous Daily High	1.3246
Previous Daily Low	1.3102
Previous Weekly High	1.3438
Previous Weekly Low	1.3202
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3157
Daily Fibonacci 61.8%	1.3191
Daily Pivot Point S1	1.3058
Daily Pivot Point S2	1.3008
Daily Pivot Point S3	1.2914
Daily Pivot Point R1	1.3202
Daily Pivot Point R2	1.3296
Daily Pivot Point R3	1.3347

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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