GBP/USD Price Analysis: En route 11-week-old support around 1.3800

GBP/USD stands on slippery ground, drops for third consecutive day.
Repeated failures to cross 10-day SMA, downside break of 21-day SMA favor sellers.
January tops, key Fibonacci retracement levels lure the bears below the key support line.

Anil Panchal FXStreet

GBP/USD bears attack weekly low while refreshing the intraday bottom with 1.3867, down 0.12% on a day, during Friday’s Asian session. In doing so, the cable extends weakness below 10-day SMA after breaking 21-day SMA the previous day.

Given the downward sloping RSI line, GBP/USD is ready to refresh the weekly low and extend the latest declines towards an ascending support line from December 21, 2020, at 1.3807 now.

However, January’s top near 1.3760-55 will challenge the quote’s further downside below the key support line, if not then 50% and 61.8% Fibonacci retracement levels of December 2020 to February 2021 upside, respectively around 1.3690 and 1.3560, should test the GBP/USD bears.

Meanwhile, pullback moves not only need to cross the 21-day SMA level of 1.3920 but should also clear the 1.3990 level comprising 10-day SMA on a daily closing to recall the GBP/USD buyers.

It’s worth mentioning that the 1.4000 threshold adds to the upside filters.

GBP/USD daily chart

Trend: Further weakness expected

additional important levels

Overview
Today last price	1.3875
Today Daily Change	-15 pips
Today Daily Change %	-0.11%
Today daily open	1.389

Trends
Daily SMA20	1.3922
Daily SMA50	1.3747
Daily SMA100	1.3494
Daily SMA200	1.3162

Levels
Previous Daily High	1.4017
Previous Daily Low	1.388
Previous Weekly High	1.4243
Previous Weekly Low	1.389
Previous Monthly High	1.4243
Previous Monthly Low	1.3566
Daily Fibonacci 38.2%	1.3933
Daily Fibonacci 61.8%	1.3965
Daily Pivot Point S1	1.3841
Daily Pivot Point S2	1.3792
Daily Pivot Point S3	1.3704
Daily Pivot Point R1	1.3978
Daily Pivot Point R2	1.4066
Daily Pivot Point R3	1.4114

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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