GBP/USD Price Analysis: Flirts with three-week lows, around 1.3785-80 area

GBP/USD witnessed heavy selling on Tuesday and slipped back below the 1.3800 mark.
Descending triangle breakdown and the formation of double-top favours bearish traders.
A sustained move beyond the 1.3875-80 resistance is needed to negate the bearish bias.

Haresh Menghani FXStreet

The GBP/USD pair extended the previous day's pullback from the 1.3875-80 resistance zone and witnessed some selling for the second consecutive day. The downward momentum dragged the pair to three-week lows, around the 1.3785 region during the first half of the European session.

Looking at the technical picture, the recent pullback from the vicinity of the 1.4000 psychological mark constituted the formation of a bearish double-top on the daily chart. This, along with the overnight rejection near a descending triangle support breakpoint, supports prospects for a further near-term depreciating move.

Meanwhile, technical indicators on the daily chart have just started drifting into the bearish territory and add credence to the near-term negative outlook for the GBP/USD pair. Hence, some follow-through weakness towards the 1.3730-25 intermediate support zone, en-route the 1.3700 mark, remains a distinct possibility.

Some follow-through selling below the 1.3675 horizontal level will turn the GBP/USD pair vulnerable to accelerate the downfall towards the 1.3625 region. This is closely followed by the 1.3600 mark and multi-month lows, around the 1.3570 region touched on July 20, which if broken will be seen as a fresh trigger for bearish traders.

On the flip side, any meaningful recovery attempt beyond the 1.3800 mark might confront stiff resistance and meet with some fresh supply near the 1.3840-50 region. This, in turn, should continue to cap the GBP/USD pair near the 1.3875-80 strong barrier, which if cleared might negate the near-term negative bias.

GBP/USD 4-hour chart

Technical levels to watch

GBP/USD

Overview
Today last price	1.3798
Today Daily Change	-0.0046
Today Daily Change %	-0.33
Today daily open	1.3844

Trends
Daily SMA20	1.3844
Daily SMA50	1.3882
Daily SMA100	1.3928
Daily SMA200	1.3782

Levels
Previous Daily High	1.3879
Previous Daily Low	1.3828
Previous Weekly High	1.3894
Previous Weekly Low	1.3791
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3847
Daily Fibonacci 61.8%	1.3859
Daily Pivot Point S1	1.3822
Daily Pivot Point S2	1.38
Daily Pivot Point S3	1.3771
Daily Pivot Point R1	1.3873
Daily Pivot Point R2	1.3901
Daily Pivot Point R3	1.3924

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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