• GBP/USD remains on the back foot, follows a two-day-old descending trend line.
  • Convergence of 100, 200-HMA lures intraday sellers before short-term support line.
  • Downbeat MACD conditions, failures to cross nearby resistance favor sellers.

GBP/USD retreats to 1.4185, down 0.05% intraday, amid Monday’s Asian session. In doing so, the cable respects a downward sloping trend line from Thursday amid sluggish MACD signals.

That said, the pair drops towards a convergence of 100 and 200-HMA around 1.4160 but the following declines will be tested by a two-day-long support line, near 1.4150.

Although the bearish impulse is likely to fade around 1.4150, any further weakness may not refrain from challenging the 1.4100 threshold, comprising the previous week’s low.

Meanwhile, an upside clearance of the immediate hurdle near 1.4195 needs to cross the 1.4200 psychological magnet before targeting the 1.4235-45 area comprising the monthly and the yearly peaks.

In a case where the GBP/USD bulls keep reins beyond 1.4245, the 1.4300threshold and early 2018 levels near 1.4345 will be in focus.

GBP/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.4182
Today Daily Change -8 pips
Today Daily Change % -0.06%
Today daily open 1.419
 
Trends
Daily SMA20 1.4082
Daily SMA50 1.3926
Daily SMA100 1.3872
Daily SMA200 1.3528
 
Levels
Previous Daily High 1.421
Previous Daily Low 1.4136
Previous Weekly High 1.4219
Previous Weekly Low 1.4092
Previous Monthly High 1.4009
Previous Monthly Low 1.3669
Daily Fibonacci 38.2% 1.4165
Daily Fibonacci 61.8% 1.4182
Daily Pivot Point S1 1.4148
Daily Pivot Point S2 1.4105
Daily Pivot Point S3 1.4073
Daily Pivot Point R1 1.4222
Daily Pivot Point R2 1.4253
Daily Pivot Point R3 1.4296

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD tumbles to 1.0200 amid notable USD strength

EUR/USD tumbles to 1.0200 amid notable USD strength

EUR/USD extends losses to test 1.0200, undermined by a broad rebound in the US dollar after dismal Chinese data soured sentiment. Growing recession fears in the Eurozone amid the deepening energy crisis weigh down on the euro. 

EUR/USD News

GBP/USD drops below 1.2100 as US dollar firms up

GBP/USD drops below 1.2100 as US dollar firms up

GBP/USD is dropping below 1.2100, as the US dollar rebounds amid a negative shift in risk sentiment amid weak China data. BOE’s Bailey shows readiness for a ‘review’ on UK PM Candidate Truss’ criticism. Critical UK data and Fed minutes are in focus this week. 

GBP/USD News

Gold drops further to test 50 DMA amid notable USD demand

Gold drops further to test 50 DMA amid notable USD demand

Gold Price erases Friday’s rebound to test the critical 50 DMA at $1,782. China-led risk-aversion inspires the US dollar rally while yields recover. Focus shifts to US Retail Sales and Fed minutes for the next big move in XAU/USD.

Gold News

Three signs that XRP is a hot buy as Ripple bags another win against SEC

Three signs that XRP is a hot buy as Ripple bags another win against SEC

In the SEC v. Ripple case, the payment giant is set to serve subpoenas and authenticate videos of SEC officials’ public remarks. This evidence could make or break Ripple’s defense against the SEC.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures