GBP/USD Price Analysis: Poised for further losses towards 1.4000

GBP/USD defends 1.4100 threshold after the heaviest drop in 12 days.
Downside break of 21-day SMA, three-week-old trend line favor sellers.
Descending Momentum line, normal RSI back the moves.

Anil Panchal FXStreet

GBP/USD remains subdued around 1.4100 amid Friday’s quiet Asian session. The Cable dropped the most since May 19 the previous day while conquering 21-day and an ascending support line, now resistance, from May 13.

The breakdown joins a downward sloping Momentum line and a lack of oversold RSI conditions to back the GBP/USD bears.

Hence, the quote’s further downside below the 1.4100 threshold becomes imminent. In doing so, a confluence of a two-month-long horizontal area and an ascending trend line from April 12, around 1.4010-05, will be the key support to watch.

In a case where the post-NFP slump conquers the 1.4000 psychological magnet, the GBP/USD prices become vulnerable to revisit early April lows near 1.3920.

On the flip side, a corrective pullback needs to cross the 1.4130-40 area, comprising 21-day SMA and previous support line, to extend the recovery moves.

Following that, the 1.4200 round figure and a monthly high near 1.4250 should lure the GBP/USD bulls.

GBP/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.4102
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.4107

Trends
Daily SMA20	1.4135
Daily SMA50	1.3958
Daily SMA100	1.3894
Daily SMA200	1.3548

Levels
Previous Daily High	1.4203
Previous Daily Low	1.4087
Previous Weekly High	1.4219
Previous Weekly Low	1.4092
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.4131
Daily Fibonacci 61.8%	1.4159
Daily Pivot Point S1	1.4061
Daily Pivot Point S2	1.4016
Daily Pivot Point S3	1.3945
Daily Pivot Point R1	1.4178
Daily Pivot Point R2	1.4248
Daily Pivot Point R3	1.4294

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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