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.

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