• GBP/USD refreshes intraday low during a three-day downtrend.
  • Ascending trend channel from July 02 tests the bears.
  • Bulls need to cross 1.3920-25 hurdle to retake controls.

GBP/USD remains offered around 1.3800, down 0.07% intraday, amid Wednesday’s Asian session. In doing so, the cable pair drops for the third consecutive day inside an eight-day-old rising channel bullish formation.

It should, however, be noted that the quote’s sustained trading below the 1.3920-25 hurdle, comprising 200-EMA and the upper line of the stated channel, joins bearish MACD signals to keep sellers hopeful.

Hence, the pair’s further downside to the channel’s support, near 1.3770, becomes imminent but any further weakness will portray the bearish flag on the chart, pointing towards a south-run targeting the yearly low surrounding 1.3450.

During the fall, lows marked in March and April, surrounding 1.3670, will be the key to watch.

On the flip side, corrective pullback stays meaningless until staying below 1.3925, a break of which will aim for late June’s swing high close to 1.4005.

It’s worth mentioning that the GBP/USD bulls are less likely to be convinced unless witnessing a successful run-up beyond the late May’s low near 1.4090.

GBP/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.3808
Today Daily Change -0.0004
Today Daily Change % -0.03%
Today daily open 1.3812
 
Trends
Daily SMA20 1.3867
Daily SMA50 1.4018
Daily SMA100 1.3941
Daily SMA200 1.3683
 
Levels
Previous Daily High 1.3905
Previous Daily Low 1.38
Previous Weekly High 1.3908
Previous Weekly Low 1.3742
Previous Monthly High 1.4249
Previous Monthly Low 1.3787
Daily Fibonacci 38.2% 1.384
Daily Fibonacci 61.8% 1.3865
Daily Pivot Point S1 1.3773
Daily Pivot Point S2 1.3734
Daily Pivot Point S3 1.3668
Daily Pivot Point R1 1.3878
Daily Pivot Point R2 1.3944
Daily Pivot Point R3 1.3983

 

 

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