GBP/USD Price Analysis: Eases towards 1.4160 support confluence

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.

Anil Panchal FXStreet

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

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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