GBP/USD Price Analysis: Stays range-bound near 1.3750, closer to monthly support

GBP/USD keeps pullback from weekly top, grinds lower of late.
Downside break of 50-SMA, sluggish Momentum keep sellers hopeful.
200-DMA adds to the upside filters, 200-SMA restricts short-term downside.

Anil Panchal FXStreet

GBP/USD remains on the back foot around 1.3765, keeping the weekly trading range during Wednesday’s Asian session. In doing so, the cable pair inches closer to an ascending support line from September 29.

Given the sluggish Momentum and the quote’s latest break below the 50-SMA, the sellers are sneaking in for entries. However, the weekly trading range and the stated support line, respectively around 1.3750 and 1.3740, restrict the short-term declines.

Should GBP/USD bears manage to conquer the aforementioned supports, 200-SMA near 1.3685 will challenge the further downside.

Alternatively, an upside break of 50-SMA, around 1.3770 by the press time, will redirect the GBP/USD buyers toward the recent range resistance, near 1.3835.

Though, the 200-DMA level surrounding 1.3855 on the daily chart becomes a tough nut to crack for the bulls afterward, a break of which will challenge the previous month’s top near 1.3915.

GBP/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	1.3766
Today Daily Change	-0.0002
Today Daily Change %	-0.01%
Today daily open	1.3768

Trends
Daily SMA20	1.3648
Daily SMA50	1.3711
Daily SMA100	1.3796
Daily SMA200	1.3851

Levels
Previous Daily High	1.3792
Previous Daily Low	1.3742
Previous Weekly High	1.3834
Previous Weekly Low	1.3709
Previous Monthly High	1.3913
Previous Monthly Low	1.3412
Daily Fibonacci 38.2%	1.3773
Daily Fibonacci 61.8%	1.3761
Daily Pivot Point S1	1.3743
Daily Pivot Point S2	1.3717
Daily Pivot Point S3	1.3693
Daily Pivot Point R1	1.3793
Daily Pivot Point R2	1.3817
Daily Pivot Point R3	1.3843

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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