GBP/USD Price Analysis: Retreats towards 1.1800 but bears have a bumpy road ahead

GBP/USD takes offers to renew intraday low, stays inside two-day-old symmetrical triangle.
Clear upside break of one-week-old descending trend line keeps buyers hopeful, RSI conditions test upside bias.
200-HMA, fortnight-long resistance line challenge bulls, 1.1740 may act as additional downside filters.

Anil Panchal FXStreet

GBP/USD renews intraday low around 1.1810 sellers try to excel ahead of the key data/events during early Friday morning in Europe. In doing so, the Cable pair remains inside a one-week-old triangle.

Given the descending RSI conditions, the quote is likely to decline further towards the stated triangle’s support line, near 1.1800.

However, the resistance-turned-support line from August 17, close to 1.1765, could act as the additional downside filter for the GBP/USD sellers.

It should be noted that the multiple supports around 1.1740 and the latest bottom around 1.1710, as well as the 1.1700 threshold, might as well as challenge the cable bears.

Alternatively, recovery moves need to cross the triangle’s resistance line, at 1.1860 by the press time, to convince GBP/USD buyers.

Even if the quote rises past 1.1860, the 200-HMA level surrounding 1.1900 could test the upside momentum.

Should the pair crosses the 1.1900 hurdle, a two-week-long resistance line near 1.1935 might become the last defense of bears.

GBP/USD: Hourly chart

Trend: Further weakness

Additional important levels

Overview
Today last price	1.1809
Today Daily Change	-0.0023
Today Daily Change %	-0.19%
Today daily open	1.1832

Trends
Daily SMA20	1.2044
Daily SMA50	1.2059
Daily SMA100	1.2318
Daily SMA200	1.2843

Levels
Previous Daily High	1.1864
Previous Daily Low	1.1784
Previous Weekly High	1.2148
Previous Weekly Low	1.1792
Previous Monthly High	1.2246
Previous Monthly Low	1.176
Daily Fibonacci 38.2%	1.1834
Daily Fibonacci 61.8%	1.1815
Daily Pivot Point S1	1.1789
Daily Pivot Point S2	1.1746
Daily Pivot Point S3	1.1709
Daily Pivot Point R1	1.187
Daily Pivot Point R2	1.1908
Daily Pivot Point R3	1.1951

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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