GBP/USD Price Analysis: Oversold RSI probes bears at yearly bottom of 1.3401

GBP/USD sellers take a breather, indecisive after refreshing the yearly low.
Sustained trading below September’s low of 1.3411, break of 1.3400 become necessary to keep bears on the table.
Corrective pullback remains doubtful until crossing July’s trough.

Anil Panchal FXStreet

GBP/USD defends the 1.3400 threshold amid Thursday’s initial Asian session, following the slump to refresh the yearly low.

The lackluster moves could be linked to the cable pair’s inability to extend the downside break of September month’s low near 1.3410, as well as the nearly oversold RSI conditions.

That said, the corrective pullback may aim for the 50% retracement (Fibo.) of the pair’s run-up from September 2020 to June 2021, around 1.3460.

However, the rebound remains doubtful until staying below July’s bottom near 1.3575, a break of which could direct the quote towards the 50-DMA level of 1.3677.

Meanwhile, a clear downside break of the 1.3400 mark will direct the GBP/USD prices towards December 2020 low near 1.3130, with the 61.8% Fibo. likely offering an intermediate halt around 1.3270.

GBP/USD: Daily chart

Trend: Corrective pullback expected

Additional important levels

Overview
Today last price	1.3406
Today Daily Change	-0.0153
Today Daily Change %	-1.13%
Today daily open	1.3559

Trends
Daily SMA20	1.369
Daily SMA50	1.3693
Daily SMA100	1.3754
Daily SMA200	1.3848

Levels
Previous Daily High	1.3607
Previous Daily Low	1.3524
Previous Weekly High	1.3698
Previous Weekly Low	1.3424
Previous Monthly High	1.3834
Previous Monthly Low	1.3434
Daily Fibonacci 38.2%	1.3556
Daily Fibonacci 61.8%	1.3576
Daily Pivot Point S1	1.352
Daily Pivot Point S2	1.3481
Daily Pivot Point S3	1.3437
Daily Pivot Point R1	1.3603
Daily Pivot Point R2	1.3647
Daily Pivot Point R3	1.3686

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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