GBP/USD Price Analysis: Stays pressured towards 1.3155

GBP/USD pauses on the way to fresh yearly low.
200-week SMA, 38.2% Fibonacci retracement offers strong support.
October’s bottom guards immediate upside, half-yearly resistance line is the key.

Anil Panchal FXStreet

GBP/USD holds lower grounds near 1.3280, retreating towards the yearly low during Thursday’s Asian session. Although the cable pair grinds above the 2021 bottom marked on Tuesday, descending RSI line and sustained trading below the short-term key support, now resistance, keeps bears hopeful.

That said, a convergence of the 38.2% Fibonacci retracement (Fibo.) of March 2020 to June 2021 upside and 200-week SMA surrounding 1.3155 lures the sellers should they manage to conquer the latest yearly low of 1.3194.

It should be noted, however, that the RSI line inches closer to the oversold territory and hence can stop the GBP/USD bears around the stated strong support of 1.3155, failing to which can direct the quote towards the 1.3000 psychological magnet.

Meanwhile, an upside break of the October’s low surrounding 1.3410 becomes necessary for even short-term buyers to take the risk. Following that, 23.6% Fibo. level of 1.3580 may lure the bulls.

However, GBP/USD advances past 1.3588 will be considered elusive until the quote stays below a six-month-old descending resistance line, around 1.3720 by the press time.

GBP/USD: Weekly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3278
Today Daily Change	-0.0023
Today Daily Change %	-0.17%
Today daily open	1.3301

Trends
Daily SMA20	1.3432
Daily SMA50	1.3572
Daily SMA100	1.3684
Daily SMA200	1.3813

Levels
Previous Daily High	1.3371
Previous Daily Low	1.3194
Previous Weekly High	1.3457
Previous Weekly Low	1.3278
Previous Monthly High	1.3698
Previous Monthly Low	1.3194
Daily Fibonacci 38.2%	1.3262
Daily Fibonacci 61.8%	1.3303
Daily Pivot Point S1	1.3207
Daily Pivot Point S2	1.3113
Daily Pivot Point S3	1.3031
Daily Pivot Point R1	1.3383
Daily Pivot Point R2	1.3465
Daily Pivot Point R3	1.3559

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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