GBP/USD Price Analysis: Sellers attack 1.3800 on the way to 200-DMA
- GBP/USD remains pressured near the lowest in 13 days.
- Downbeat RSI line, sustained trading below 50-DMA keeps bears hopeful.
- Multiple strong supports to challenge sellers below 200-DMA.
GBP/USD seesaws inside a choppy range around 1.3810 after bouncing off over two-week lows, flashed the previous day. That said, the cable registers 0.05% intraday gains by the press time of Friday’s Asian session.
Given the quote’s downswing from 50-DMA, backed by the easing RSI line, not oversold, the GBP/USD prices are likely to remain under pressure.
That said, the 200-DMA level of 1.3777 acts as the key immediate support to watch ahead of early July’s low surrounding 1.3730.
However, two horizontal regions connecting lows from late March and early February, respectively around 1.3670-65 and 1.3570, will be tough nuts to crack for the pair sellers after 1.3730.
Alternatively, a daily closing beyond 50-DMA, around 1.3890, will aim for the previous month’s peak surrounding 1.3930 and the 1.4000 psychological magnet.
Though, multiple levels around 1.4080-90, marked during early June, could challenge the GBP/USD buyers afterward.
GBP/USD: Daily chart
Trend: Further weakness expected
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.
