GBP/USD Price Analysis: Refreshes daily lows below 1.3800

GBP/USD remains muted in the Asian trading hours on Wednesday.
More downside for pair if price breaks the ascending trendline near 1.3755.
Momentum oscillator maintains a neutral stance indicates no big price movement.

Rekha Chauhan Independent Analyst

GBP/USD prints minor losses on Wednesday in the Asian session. After falling nearly 100 pips in the overnight session, from the highs of 1.3913, the pair consolidates losses near the lower levels.

At the time of writing, the GBP/USD pair is trading at 1.3806, down 0.02% for the day.

GBP/USD daily chart

On the daily chart, GBP/USD has recovered from the low made on August 20 at 1.3602 and travelled to touch the 1.3900 mark for the first time in the past month.

Technically speaking, if price breaks the session’s low and the ascending trendline from the mentioned lower level, it could test the 1.3750 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator trades near the midline. Any downtick in the MACD could bring more selling opportunities.

That said, GBP/USD bears would like to test the low made on September 8 at 1.3726 followed by the 1.3680 horizontal support level.

Alternatively, if price moves higher, GBP/USD bulls would first reclaim the 1.3850 horizontal resistance zone.

On the successful test of the above level, the market participants would be encouraged to recapture Friday’s high of 1.3888 and then move forward to take out the previous day’s high at 1.3913.

GBP/USD additional levels

GBP/USD

Overview
Today last price	1.3806
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.381

Trends
Daily SMA20	1.377
Daily SMA50	1.3807
Daily SMA100	1.3916
Daily SMA200	1.383

Levels
Previous Daily High	1.3913
Previous Daily Low	1.3804
Previous Weekly High	1.3889
Previous Weekly Low	1.3726
Previous Monthly High	1.3958
Previous Monthly Low	1.3602
Daily Fibonacci 38.2%	1.3846
Daily Fibonacci 61.8%	1.3871
Daily Pivot Point S1	1.3771
Daily Pivot Point S2	1.3733
Daily Pivot Point S3	1.3662
Daily Pivot Point R1	1.3881
Daily Pivot Point R2	1.3952
Daily Pivot Point R3	1.399

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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