GBP/USD Price Analysis: Remains stuck between two key averages, downside favored

GBP/USD extends range play around 1.3350 amid light trading.
The cable remains supported as DXY weakness offsets Brexit woes.
RSI is sitting just beneath the midline, favoring the downside.

Dhwani Mehta FXStreet

GBP/USD is defending minor bids while wavering around 1.3350 so far this Thursday, as it lacks trading impetus amid a Thanksgiving Day holiday in the US.

The US dollar remains sluggish across its major peers, correcting some of its previous gains and lending support to the cable. Meanwhile, ongoing Brexit concerns, with France's pledge to continue its row over fishing rights with the UK, cap the upside attempts in the major.

Markets now look forward to Bank of England (BOE) Governor Andrew Bailey’s appearance scheduled later this Thursday for fresh insights on the central bank’s rate hike outlook.

Looking at GBP/USD’s hourly chart, the bull-bear tug-of-war is seen extending between the bearish 50-Hourly Moving Average (HMA) and the descending 21-HMA, which are placed at 1.3357 and 1.3337 respectively.

A breakout in either direction is needed to trigger some action in the cable, which is trading lackluster since mid-Asia.

However, with the Relative Strength Index (RSI) still holding below the midline, the downside appears more favored.

An hourly closing below the 21-HMA support will fuel a fresh drop towards the 11-month troughs of 1.3316.

Deeper declines could threaten the 1.3300 level.

GBP/USD: Hourly chart

Alternatively, acceptance above 50-HMA is critical to extending the recovery momentum towards 1.3400.

The next significant resistance awaits at the 1.3450 psychological mark.

GBP/USD: Additional levels to consider

GBP/USD

Overview
Today last price	1.3339
Today Daily Change	0.0008
Today Daily Change %	0.06
Today daily open	1.3331

Trends
Daily SMA20	1.3506
Daily SMA50	1.3603
Daily SMA100	1.3706
Daily SMA200	1.3827

Levels
Previous Daily High	1.339
Previous Daily Low	1.3316
Previous Weekly High	1.3514
Previous Weekly Low	1.3396
Previous Monthly High	1.3834
Previous Monthly Low	1.3434
Daily Fibonacci 38.2%	1.3344
Daily Fibonacci 61.8%	1.3362
Daily Pivot Point S1	1.3301
Daily Pivot Point S2	1.3271
Daily Pivot Point S3	1.3227
Daily Pivot Point R1	1.3375
Daily Pivot Point R2	1.342
Daily Pivot Point R3	1.3449

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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