GBP/USD Price Analysis: Sellers look for monthly support below 1.3700

GBP/USD continues to grind losses on Friday in the Asian session.
Additional losses envisioned for pair if price decisively breaks 1.3680.
Momentum oscillator holds onto the oversold zone with a neutral stance.

Rekha Chauhan Independent Analyst

GBP/USD prints minor losses on Friday in the Asian session. After falling nearly 90 pips in the overnight session, from the highs of 1.3768, the pair consolidates losses near the lower levels.

At the time of writing, the GBP/USD pair is trading at 1.3691, down 0.05% for the day.

GBP/USD daily chart

On the daily chart, GBP/USD has recovered from the yearly lows on August 20 at 1.3602 to touch the high at around 1.3768.

The formation of a big red candlestick in the previous session suggests bears are in full swing.

If price breaks the session’s low, it could move lower toward the 1.3650 horizontal support level followed by the low of August 23 at 1.3612.

The Moving Average Convergence Divergence (MACD) indicator still points at the underlying bearish sentiment. Any downtick in the MACD could bring more selling opportunities.

That said, GBP/USD bears would like to test the monthly low made on July 20 at 1.3572.

Alternatively, if price moves higher, GBP/USD could touch the 1.3750 horizontal resistance level followed by the high of August 18 at 1.3786.

Next, the market participants will encourage to touch the 1.3820 horizontal resistance level.

GBP/USD additional levels

GBP/USD

Overview
Today last price	1.3694
Today Daily Change	-0.0006
Today Daily Change %	-0.04
Today daily open	1.37

Trends
Daily SMA20	1.3807
Daily SMA50	1.3822
Daily SMA100	1.3921
Daily SMA200	1.3801

Levels
Previous Daily High	1.3768
Previous Daily Low	1.3689
Previous Weekly High	1.3879
Previous Weekly Low	1.3602
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3719
Daily Fibonacci 61.8%	1.3738
Daily Pivot Point S1	1.367
Daily Pivot Point S2	1.364
Daily Pivot Point S3	1.3591
Daily Pivot Point R1	1.3749
Daily Pivot Point R2	1.3798
Daily Pivot Point R3	1.3828

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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