GBP/USD Price Analysis: Sellers attack 1.3400 with eyes on three-month-old support line

GBP/USD drops to the fresh low of the day, extends losses below 5-day SMA.
Lower high formation since last Thursday, US dollar gains keep sellers hopeful.

Anil Panchal FXStreet

GBP/USD refreshes intraday low to 1.3415, down 0.28%, during early Tuesday’s trading. The pair dropped to the lowest since December 11 the previous day before bouncing off an ascending trend line from the late-September. Though, a daily closing below 5-day SMA backs the recent lower high pattern to favor the bears.

As a result, the early November high near 1.3315 is likely returning to the chart while the stated support line, at 1.3187 now, can please GBP/USD bears afterward.

Although the quote is likely to stay above the mentioned trend line support, any further downside below 1.3187 needs to break October’s high of 1.3176 to keep sellers in the driver’s seat.

Meanwhile, an upside break of 5-day SMA, at 1.3482 now, will be challenged by a falling trend line from last Thursday, currently around 1.3510.

Further, during the quote’s sustained run-up past-1.3510, the recently flashed multi-month high near 1.3625 will be in the spotlight.

GBP/USD daily chart

Trend: Further downside likely

Additional important levels

Overview
Today last price	1.3426
Today Daily Change	-28 pips
Today Daily Change %	-0.21%
Today daily open	1.3454

Trends
Daily SMA20	1.3392
Daily SMA50	1.321
Daily SMA100	1.3119
Daily SMA200	1.2776

Levels
Previous Daily High	1.3517
Previous Daily Low	1.3188
Previous Weekly High	1.3625
Previous Weekly Low	1.3225
Previous Monthly High	1.3398
Previous Monthly Low	1.2854
Daily Fibonacci 38.2%	1.3314
Daily Fibonacci 61.8%	1.3392
Daily Pivot Point S1	1.3256
Daily Pivot Point S2	1.3057
Daily Pivot Point S3	1.2927
Daily Pivot Point R1	1.3585
Daily Pivot Point R2	1.3715
Daily Pivot Point R3	1.3914

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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