GBP/USD Price Analysis: Retreats towards 1.1450 inside weekly bearish channel

GBP/USD remains depressed inside a one-week-old bearish chart pattern.
Downbeat MACD signals also keep sellers hopeful even if 50-SMA tests intraday bears.
Convergence of 100-SMA, five-week-long ascending trend line appears a tough nut to crack for sellers.

Anil Panchal FXStreet

GBP/USD fades the month-start optimism as it slides to 1.1480 during Wednesday’s Asian session while staying inside a one-week-long descending trend channel.

That said, the Cable pair’s latest losses also take clues from the bearish MACD signals and keep the sellers hopeful.

However, the 50-SMA level surrounding 1.1460 restricts the quote’s immediate downside ahead of the stated channel’s lower line, close to 1.1430 at the latest.

Even if the GBP/USD bears manage to conquer the 1.1430 support level, the 1.1335-30 support confluence comprising the 100-SMA and an upward-sloping trend line from late September will be a tough nut to crack for them. Following that, the monthly support line near 1.1200 will be the last defense for the pair buyers.

Alternatively, recovery moves need to defy the bearish chart pattern to please the bulls. In doing so, the quote needs to cross the 1.1575 hurdle.

Even so, October’s peak around 1.1645 will hold the gate for the GBP/USD pair’s run-up towards the September monthly high of 1.1738.

Overall, GBP/USD is likely to decline further but the road to the south appears bumpy.

GBP/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.148
Today Daily Change	0.0008
Today Daily Change %	0.07%
Today daily open	1.1472

Trends
Daily SMA20	1.1306
Daily SMA50	1.1375
Daily SMA100	1.1728
Daily SMA200	1.2356

Levels
Previous Daily High	1.1614
Previous Daily Low	1.146
Previous Weekly High	1.1646
Previous Weekly Low	1.1258
Previous Monthly High	1.1646
Previous Monthly Low	1.0924
Daily Fibonacci 38.2%	1.1519
Daily Fibonacci 61.8%	1.1555
Daily Pivot Point S1	1.1417
Daily Pivot Point S2	1.1362
Daily Pivot Point S3	1.1263
Daily Pivot Point R1	1.157
Daily Pivot Point R2	1.1669
Daily Pivot Point R3	1.1724

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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