GBP/USD Price Analysis: Struggles between 200-HMA and short-term support line

GBP/USD pair’s pullback from 1.3009 reverses from 1.3065.
Sustained trading below 200-HMA keeps sellers hopeful.
Bulls will retake controls beyond the monthly resistance line.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3050 during the early Monday’s Asian session. In doing so, the Cable trims gains following a U-turn from a seven-day-old support line. The reason could be traced from the pair’s inability to cross 200-HMA.

Other than the 200-HMA and immediate support line, weak RSI conditions and lingering MACD also raise questions for the pair traders. As a result, they look for a clear break of any of these key technical levels for fresh directions.

While an upside break of 200-HMA, at 1.3067 now, can aim for 1.3100, the pair’s further upside will be challenged by an ascending trend line from July 31, currently around 1.3190.

On the contrary, a downside break below the mentioned support line, near 1.3020, can attack the 1.3000 threshold to revisit July 28 top near 1.2950.

It should also be noted that the pair’s rise past-1.3190 will need validation from 1.3200 before recalling the bulls. Meanwhile, the bears’ dominance past-1.2950 can highlight 1.2840/35 support-zone.

GBP/USD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.3046
Today Daily Change	-6 pips
Today Daily Change %	-0.05%
Today daily open	1.3052

Trends
Daily SMA20	1.2846
Daily SMA50	1.2656
Daily SMA100	1.2489
Daily SMA200	1.271

Levels
Previous Daily High	1.3153
Previous Daily Low	1.301
Previous Weekly High	1.3186
Previous Weekly Low	1.2982
Previous Monthly High	1.317
Previous Monthly Low	1.236
Daily Fibonacci 38.2%	1.3064
Daily Fibonacci 61.8%	1.3098
Daily Pivot Point S1	1.299
Daily Pivot Point S2	1.2928
Daily Pivot Point S3	1.2846
Daily Pivot Point R1	1.3134
Daily Pivot Point R2	1.3215
Daily Pivot Point R3	1.3277

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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