GBP/USD Price Analysis: Keeps pullback from monthly resistance above 1.3500

GBP/USD struggles between 21-DMA and 100-DMA after easing from monthly resistance line.
Downbeat Momentum line keeps sellers hopeful to test the key Fibonacci retracement levels.
Buyers remain cautious til prices stay below 200-DMA.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3535-40 during Thursday’s Asian session, following a pullback from a one-month-old descending resistance line the previous day.

In doing so, the cable pair stays within the weekly range between the 21-DMA and 100-DMA. However, the recently downbeat Momentum line favors sellers.

That said, a clear downside break of the 100-DMA level near 1.3500 becomes necessary for the GBP/USD sellers to take entries.

Following that, the 50% and 61.8% Fibonacci retracement of December-January run-up, respectively around 1.3450 and 1.3385, will be in focus.

Also acting as a downside filter is the previous monthly low around 1.3355.

On the contrary, the 21-DMA and aforementioned resistance line, close to 1.3545 and 1.3585 in that order, guard the GBP/USD pair’s short-term upside.

Following that, the recent swing high near 1.3630 may offer an intermediate halt before fueling prices towards the 200-DMA level surrounding 1.3705.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3536
Today Daily Change	-0.0015
Today Daily Change %	-0.11%
Today daily open	1.3551

Trends
Daily SMA20	1.3554
Daily SMA50	1.3446
Daily SMA100	1.3509
Daily SMA200	1.3708

Levels
Previous Daily High	1.3564
Previous Daily Low	1.3508
Previous Weekly High	1.3628
Previous Weekly Low	1.3387
Previous Monthly High	1.3749
Previous Monthly Low	1.3358
Daily Fibonacci 38.2%	1.3543
Daily Fibonacci 61.8%	1.3529
Daily Pivot Point S1	1.3518
Daily Pivot Point S2	1.3485
Daily Pivot Point S3	1.3462
Daily Pivot Point R1	1.3574
Daily Pivot Point R2	1.3597
Daily Pivot Point R3	1.363

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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.