GBP/USD Price Analysis: Drops towards 1.3900 on the way to two-week-old support line

GBP/USD prints mild losses while extending pullback from one-week-old resistance line.
200-bar SMA adds to the downside filters, 1.4000 offers extra resistance.

Anil Panchal FXStreet

GBP/USD teases intraday low of 1.3921, currently down 0.14% around 1.3932, during Thursday’s Asian session. In doing so, the cable stretches the pullback from a one-week-old resistance line as MACD recedes bullish bias.

The quote currently declines towards the 1.3900 threshold but any further weakness needs to break an ascending support line from February 17, at 1.3865 now, to again challenge the 200-bar SMA level of 1.3820.

In a case where the GBP/USD prices remain depressed below 1.3820, the previous monthly low near 1.3565 should return to the charts.

Meanwhile, an upside break of the immediate resistance line, currently around 1.3980, needs to get validation from the 1.4000 round-figures before recalling the GBP/USD buyers.

The resulted upside past-1.4000 will eye for the multi-month peak marked in February around 1.4245.

GBP/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3921
Today Daily Change	-31 pips
Today Daily Change %	-0.22%
Today daily open	1.3952

Trends
Daily SMA20	1.3911
Daily SMA50	1.374
Daily SMA100	1.3484
Daily SMA200	1.3155

Levels
Previous Daily High	1.4006
Previous Daily Low	1.3921
Previous Weekly High	1.4243
Previous Weekly Low	1.389
Previous Monthly High	1.4243
Previous Monthly Low	1.3566
Daily Fibonacci 38.2%	1.3954
Daily Fibonacci 61.8%	1.3974
Daily Pivot Point S1	1.3913
Daily Pivot Point S2	1.3874
Daily Pivot Point S3	1.3828
Daily Pivot Point R1	1.3999
Daily Pivot Point R2	1.4045
Daily Pivot Point R3	1.4084

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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