- GBP/USD struggles to defend the bounce off weekly low.
- Four-month-old horizontal area restricts immediate downside, monthly resistance line tests corrective pullback.
- Cap on Momentum line, sustained trading below 100-day SMA keeps sellers hopeful.
The GBP/USD pair’s bounce off weekly bottom remains capped around 1.3835-40 during the early Asian session on Thursday. In doing so, the cable pair justifies its sustained trading below one-month-old resistance line and bearish Momentum, as well as downbeat RSI.
However, the bears have a tough nut to crack on hand as multiple levels marked since early March, around 1.3810–3800, challenge the further declines targeting the yearly low surrounding 1.3670.
During the fall, the 1.3745-50 and the 1.3700 threshold may offer an intermediate halt during the quote’s weakness between 1.3800 and 1.3670.
Alternatively, a daily closing beyond the stated resistance line near 1.3865 will aim for the 100-DMA level of 1.3952. Though, the early April top surrounding 1.3920 can act as a buffer.
Should the GBP/USD bulls manage to cross the 1.3952 hurdle, multiple resistances between the 1.4000 round figure and 1.4010 can test the quote’s advances.
It’s worth noting that the Momentum line probes a five-week-old resistance and a breakout may favor the pair’s latest corrective pullback.
GBP/USD daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||1.383|
|Today Daily Change||-0.0006|
|Today Daily Change %||-0.04%|
|Today daily open||1.3836|
|Previous Daily High||1.3886|
|Previous Daily Low||1.3814|
|Previous Weekly High||1.4001|
|Previous Weekly Low||1.3787|
|Previous Monthly High||1.4234|
|Previous Monthly Low||1.3801|
|Daily Fibonacci 38.2%||1.3842|
|Daily Fibonacci 61.8%||1.3859|
|Daily Pivot Point S1||1.3805|
|Daily Pivot Point S2||1.3774|
|Daily Pivot Point S3||1.3733|
|Daily Pivot Point R1||1.3877|
|Daily Pivot Point R2||1.3917|
|Daily Pivot Point R3||1.3948|
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