GBP/USD Price Analysis: Nears three-week-old support trendline

GBP/USD bears catch a breath near a short-term key support line.
Close to oversold RSI conditions also favor the pair’s pullback beyond 23.6% Fibonacci retracement.
December 2019 low will be the key to watch during further downside.

Anil Panchal FXStreet

GBP/USD looks for a clear direction near 1.3000 amid the Asian session on Tuesday. The pair registered heaviest losses, -1.6%, during the previous day while staying above the three-week-old support line.

In addition to the immediate trend line support, around 1.2980, close to oversold conditions of RSI also increase the odds of the pair’s pullback.

With this, 23.6% Fibonacci retracement of its declines from December 12 to 23, 2019, at 1.3050, could regain buyers’ attention during the pullback, a break of which recall 1.3100 and January 23 highs near 1.3150.

During the pair’s advances past-1.3150, 50% Fibonacci retracement level close to 1.3210 will be the key to watch.

On the flip side, the pair’s break of the immediate support line, at 1.2980, could please sellers with 1.2950 and December 2019 low of 1.2905.

GBP/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2993
Today Daily Change	1 pip
Today Daily Change %	0.01%
Today daily open	1.2992

Trends
Daily SMA20	1.3062
Daily SMA50	1.3075
Daily SMA100	1.288
Daily SMA200	1.2696

Levels
Previous Daily High	1.3184
Previous Daily Low	1.2983
Previous Weekly High	1.3207
Previous Weekly Low	1.2974
Previous Monthly High	1.3281
Previous Monthly Low	1.2954
Daily Fibonacci 38.2%	1.306
Daily Fibonacci 61.8%	1.3107
Daily Pivot Point S1	1.2922
Daily Pivot Point S2	1.2852
Daily Pivot Point S3	1.2721
Daily Pivot Point R1	1.3123
Daily Pivot Point R2	1.3254
Daily Pivot Point R3	1.3324

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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