GBP/USD Price Analysis: Remains pressured towards 1.1130 support

GBP/USD sellers poke three-week-old support line after reversing from multi-day-old resistance.
Ascending trend line from late September, 21-DMA adds to the downside filters.
Buyers need validation from 50-DMA to retake control.
Steady oscillators, pullback from key hurdle favor sellers.

Anil Panchal FXStreet

GBP/USD holds lower ground near 1.1220, fading the bounce off 1.1185 after a two-day downtrend. In doing so, the cable pair flirts with a short-term key support line during Thursday’s Asian session after taking a U-turn from the two-month-old resistance line earlier in the week.

In addition to the immediate support of 1.1220, an upward-sloping trend line from September 29, around 1.1155, will precede the 21-DMA level near 1.1130 to also challenge the short-term downside of the Cable pair.

It should, however, be noted that the quote’s weakness past 1.1130 will direct it toward the monthly low of 1.0923 which acts as the last defense of the GBP/USD buyers.

In a case where the Cable pair renews the monthly low, 1.0650 and the recently flashed record low of 1.0339 will be in focus.

Alternatively, a descending resistance line from late August, around 1.1345, restricts the GBP/USD pair’s nearby upside.

Following that, the 50-DMA level surrounding 1.1445 will challenge the buyers before directing them to the monthly high of 1.1495. Also acting as the upside filter is the 1.1500.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.1218
Today Daily Change	-0.0100
Today Daily Change %	-0.88%
Today daily open	1.1318

Trends
Daily SMA20	1.1132
Daily SMA50	1.1485
Daily SMA100	1.1822
Daily SMA200	1.2455

Levels
Previous Daily High	1.1411
Previous Daily Low	1.1256
Previous Weekly High	1.1381
Previous Weekly Low	1.0924
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.1315
Daily Fibonacci 61.8%	1.1352
Daily Pivot Point S1	1.1246
Daily Pivot Point S2	1.1173
Daily Pivot Point S3	1.1091
Daily Pivot Point R1	1.1401
Daily Pivot Point R2	1.1483
Daily Pivot Point R3	1.1556

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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