GBP/USD Price Analysis: Flirts with session lows near mid-1.3300s; downside seems limited

GBP/USD once again started retreating from ascending channel resistance, around the 1.3400 mark.
The set-up still favours bullish traders and supports prospects for the emergence of some dip-buying.
A sustained break below the 1.3270 support is needed to invalidate the near-term positive outlook.

Haresh Menghani FXStreet

The GBP/USD pair continued with its struggle to reclaim the 1.3400 round-figure mark and witnessed a modest intraday pullback from the highest level since early September. The mentioned level marks the top boundary of a two-month-old ascending trend-channel resistance, which should now act as a key pivotal point for short-term traders.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and are still far from being in the overbought territory. This coupled with the fact that the pair has been attracting some dip-buying near the 1.3300-1.3290 region favours bullish traders and supports prospects for an eventual short-term bullish breakout.

Any subsequent fall is likely to find decent support near the 1.3270 horizontal level, which if broken decisively will negate the near-term constructive outlook. This, in turn, might prompt some technical selling and turn the GBP/USD pair vulnerable to accelerate the corrective slide further towards the 1.3200 round-figure mark.

On the flip side, bulls might still need to wait for some follow-through strength beyond the 1.3400 mark before positioning for any further appreciating move. The GBP/USD pair might then accelerate the positive move towards September monthly swing highs, around the 1.3480 region, en-route the key 1.3500 psychological mark.

GBP/USD daily chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.3356
Today Daily Change	-0.0036
Today Daily Change %	-0.27
Today daily open	1.3392

Trends
Daily SMA20	1.317
Daily SMA50	1.3026
Daily SMA100	1.3006
Daily SMA200	1.2725

Levels
Previous Daily High	1.3394
Previous Daily Low	1.3305
Previous Weekly High	1.3312
Previous Weekly Low	1.3166
Previous Monthly High	1.3177
Previous Monthly Low	1.282
Daily Fibonacci 38.2%	1.336
Daily Fibonacci 61.8%	1.3339
Daily Pivot Point S1	1.3333
Daily Pivot Point S2	1.3274
Daily Pivot Point S3	1.3244
Daily Pivot Point R1	1.3422
Daily Pivot Point R2	1.3452
Daily Pivot Point R3	1.3511

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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