GBP/USD Price Analysis: Monday’s hanging man keep sellers hopeful above 1.3350

GBP/USD extends pullback from the early high of 1.3395 amid overbought RSI.
Bearish candlestick formation can benefit from the break of one-month-old support (previous resistance).
Bulls will have to cross 1.3400 to retake the controls.

Anil Panchal FXStreet

GBP/USD refreshes the intraday low to 1.3358, down 0.08% on a day, during Tuesday’s Asian session. The Cable surged the fresh high since late-December 2019 the previous day. However, the failures to stay strong near the multi-month top printed a bearish candlestick on the daily chart. Also increasing the odds of further downside is the overbought conditions of RSI.

Even so, the sellers are waiting for a clear downside below an ascending trend line from July 31, currently around 1.3345, for fresh entries.

In doing so, the August 19 top near 1.3265 and 21-day EMA level of 1.3142 will be on their radars.

Alternatively, the pair needs to cross 1.3400 round-figures to defy the previous day’s candlestick formation and challenge December 2019 peak surrounding 1.3515.

GBP/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.336
Today Daily Change	-9 pips
Today Daily Change %	-0.07%
Today daily open	1.3369

Trends
Daily SMA20	1.3139
Daily SMA50	1.284
Daily SMA100	1.2632
Daily SMA200	1.2732

Levels
Previous Daily High	1.3396
Previous Daily Low	1.3301
Previous Weekly High	1.3357
Previous Weekly Low	1.3054
Previous Monthly High	1.3396
Previous Monthly Low	1.2982
Daily Fibonacci 38.2%	1.336
Daily Fibonacci 61.8%	1.3337
Daily Pivot Point S1	1.3315
Daily Pivot Point S2	1.3261
Daily Pivot Point S3	1.3221
Daily Pivot Point R1	1.341
Daily Pivot Point R2	1.345
Daily Pivot Point R3	1.3504

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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