GBP/USD Price Analysis: Inside short-term falling channel

GBP/USD struggles around the multi-year low.
A short-term bearish technical formation, 100-HMA restrict immediate upside.
1.1400 becomes the key support-confluence.

Anil Panchal FXStreet

Despite marking 0.40% gains on the daily basis, GBP/USD recovery seems doubtful inside the immediate falling trend channel. The cable pair currently takes rounds to 1.1590 during the Asian session on Tuesday.

Even if the quote manages to cross 1.1620 channel resistance, a confluence of 100-Hour Moving Average (HMA) and 38.2% Fibonacci retracement of March 18/19 declines, around 1.1680/85 could question the buyers afterward.

If the recently bullish MACD help the quote to cross 1.1685, the pair can extend the recovery moves to the last-week top surrounding 1.1935.

Meanwhile, 1.1470 can offer immediate support to the pair during its pullback.

However, the channel’s support and the monthly low, also the lowest since 1985, around 1.1400 becomes the key support.

GBP/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.1593
Today Daily Change	47 pips
Today Daily Change %	0.41%
Today daily open	1.1546

Trends
Daily SMA20	1.2518
Daily SMA50	1.2814
Daily SMA100	1.2917
Daily SMA200	1.2681

Levels
Previous Daily High	1.1715
Previous Daily Low	1.1447
Previous Weekly High	1.24
Previous Weekly Low	1.1412
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.1549
Daily Fibonacci 61.8%	1.1612
Daily Pivot Point S1	1.1424
Daily Pivot Point S2	1.1302
Daily Pivot Point S3	1.1156
Daily Pivot Point R1	1.1691
Daily Pivot Point R2	1.1837
Daily Pivot Point R3	1.1959

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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