GBP/USD Price Analysis: Depressed inside 50-pips trading range above 1.3800

GBP/USD remains pressured between previous support line from April 12 and a three-week-old horizontal area.
Downside break of 200-SMA, sluggish Momentum back recent weakness.

Anil Panchal FXStreet

GBP/USD drops back towards 1.3800, down 0.08% intraday around 1.3816 by the press time of Monday’s Asian session. Even so, the cable struggles for a clear direction inside a trading range of nearly 50-pips comprising the key horizontal support and a short-term resistance line, previous support.

The quote’s latest weakness below 200-SMA and downbeat Momentum indicator suggests another attempt to break below the mid-April tops surrounding 1.3810. However, sellers may wait for a fresh low beneath the latest 1.3802, as well as a clear break below the 1.3800 threshold, for confirmation.

Following that multiple supports around 1.3750 and 1.3720-15 can entertain GBP/USD bears ahead of directing them to the previous month’s low near 1.3669.

On the flip side, 200-SMA level of 1.3830 guards corrective pullback beneath the previous support line near 1.3845-50.

Even if the GBP/USD prices cross the 1.3850 hurdle, lows marked during the last week around 1.3860 act as extra upside filters before highlighting the 1.3930 resistance for the buyers.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3818
Today Daily Change	-10 pips
Today Daily Change %	-0.07%
Today daily open	1.3828

Trends
Daily SMA20	1.3844
Daily SMA50	1.3872
Daily SMA100	1.3762
Daily SMA200	1.3427

Levels
Previous Daily High	1.3958
Previous Daily Low	1.3803
Previous Weekly High	1.3976
Previous Weekly Low	1.3803
Previous Monthly High	1.4009
Previous Monthly Low	1.3669
Daily Fibonacci 38.2%	1.3862
Daily Fibonacci 61.8%	1.3899
Daily Pivot Point S1	1.3768
Daily Pivot Point S2	1.3707
Daily Pivot Point S3	1.3612
Daily Pivot Point R1	1.3923
Daily Pivot Point R2	1.4019
Daily Pivot Point R3	1.4079

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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