GBP/USD Price Analysis: Friday’s Gravestone Doji keeps sellers hopeful above 1.3800


  • GBP/USD edges lower after posting a bearish candlestick formation.
  • Receding bullish bias of MACD around a nine-week-old resistance line challenges buyers.
  • 200-DMA offers immediate support, 1.3900 adds to the upside filters.

Having stepped back from a monthly, GBP/USD remains defensive around 1.3830 during the initial Asian session on Monday.

The cable poked to a one-week high the previous day before reversing from 1.3887, which in turn portrayed a Gravestone Doji bearish candlestick near a downward sloping resistance line from July 30.

In addition to the bearish candlestick formation surrounding the short-term resistance line, the receding bullish bias of the MACD signals also keeps sellers hopeful.

However, 200-SMA restricts immediate downside 1.3830, a break of which will direct the GBP/USD prices towards a three-week-old support line near 1.3760.

Should the pair sellers manage to conquer the 1.3760 level, the monthly low around 1.3725 and 1.3690 may entertain them ahead of July’s bottom surrounding 1.3570.

Meanwhile, the stated resistance line near 1.3870 guards the quote’s immediate upside ahead of the monthly top close to 1.3895.

In a case where GBP/USD crosses the 1.3895 hurdle, it needs validation from the 1.3900 round figure before directing bulls towards the July month high near 1.3985 and the 1.4000 psychological magnet.

GBP/USD: Daily chart

Trend: Pullback expected

Additional impotant levels

Overview
Today last price 1.3836
Today Daily Change 0.0000
Today Daily Change % 0.00%
Today daily open 1.3836
 
Trends
Daily SMA20 1.3767
Daily SMA50 1.3807
Daily SMA100 1.3917
Daily SMA200 1.3825
 
Levels
Previous Daily High 1.3889
Previous Daily Low 1.3827
Previous Weekly High 1.3889
Previous Weekly Low 1.3726
Previous Monthly High 1.3958
Previous Monthly Low 1.3602
Daily Fibonacci 38.2% 1.3865
Daily Fibonacci 61.8% 1.3851
Daily Pivot Point S1 1.3813
Daily Pivot Point S2 1.3789
Daily Pivot Point S3 1.3751
Daily Pivot Point R1 1.3874
Daily Pivot Point R2 1.3912
Daily Pivot Point R3 1.3936

 

 

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