- GBP/USD drops for the third straight day, attacks 1.4100.
- The cable is on the verge of a rising channel breakdown on the daily chart.
- Focus remains on US inflation, ECB and Thursday’s closing.
GBP/USD is attacking the 1.4100 support, eyeing deeper losses, as the sellers remain in control amid a broadly firmer US dollar.
From a near-term technical perspective, the spot is on the verge of a downside breakout from a rising wedge formation if it closes the day below the rising trendline support at 1.4103.
The next relevant support for GBP bulls is seen at the psychological 1.4000 levels, below which the ascending 50-daily moving average (DMA) at 1.3994 could be tested.
The abovementioned level is critical, as the bullish 21-simple moving average (SMA) coincides.
GBP/USD daily chart
However, with the Relative Strength Index (RSI) is turning flat above the midline, currently, at 50.95, the odds for a rebound towards the 21-DMA at 1.4148 remain in place.
Acceptance above the latter will negate the downside bias in the near term, opening doors towards the pattern resistance aligned at 1.4270.
Ahead of that level, the intermittent highs around 1.4190 could limit the recovery attempts.
GBP/USD additional levels to watch
|Today last price||1.4110|
|Today Daily Change||-0.0006|
|Today Daily Change %||-0.04|
|Today daily open||1.412|
|Previous Daily High||1.4189|
|Previous Daily Low||1.411|
|Previous Weekly High||1.4249|
|Previous Weekly Low||1.4083|
|Previous Monthly High||1.4234|
|Previous Monthly Low||1.3801|
|Daily Fibonacci 38.2%||1.414|
|Daily Fibonacci 61.8%||1.4159|
|Daily Pivot Point S1||1.409|
|Daily Pivot Point S2||1.4061|
|Daily Pivot Point S3||1.4011|
|Daily Pivot Point R1||1.4169|
|Daily Pivot Point R2||1.4219|
|Daily Pivot Point R3||1.4248|
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