GBP/USD Price Analysis: Teases bearish cross below 1.3800

GBP/USD remains sidelined after a sluggish start to the week.
Downbeat Momentum line backs 50-DMA crossing under 200-DMA and suggesting further downside.
Three-month-old descending trend line adds to the upside filters.

Anil Panchal FXStreet

GBP/USD keeps the week-start inactivity around the mid 1.3700s during Tuesday’s Asian session. Even so, bears remain hopeful as the Daily Moving Averages (DMAs) hint at a bearish cross as the prices remain below an important resistance line stretched from June 01.

It’s worth noting that a descending Momentum line also backs the GBP/USD sellers who await a daily closing below the 1.3700 threshold to confirm the pair’s further weakness.

Given the quote’s downside past 1.3700, the 50-DMA will drop below 200-DMA and suggest the pair’s further declines towards the monthly low near 1.3600. However, any further downside will be challenged by a seven-month-old horizontal support area surrounding 1.3570-65.

Meanwhile, the 1.3800 round figure can entertain GBP/USD buyers during fresh upside. Though, the stated DMAs near 1.3810-15 may challenge the pair’s upside afterward.

Even if the quote rises past 1.3815, the multi-day-old resistance line near 1.3850 will be a tough nut to crack for the buyers ahead of targeting the late July tops near 1.3985.

GBP/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.3758
Today Daily Change	-0.0007
Today Daily Change %	-0.05%
Today daily open	1.3765

Trends
Daily SMA20	1.38
Daily SMA50	1.3821
Daily SMA100	1.3921
Daily SMA200	1.3804

Levels
Previous Daily High	1.3781
Previous Daily Low	1.368
Previous Weekly High	1.3781
Previous Weekly Low	1.3612
Previous Monthly High	1.3984
Previous Monthly Low	1.3572
Daily Fibonacci 38.2%	1.3743
Daily Fibonacci 61.8%	1.3719
Daily Pivot Point S1	1.3703
Daily Pivot Point S2	1.3641
Daily Pivot Point S3	1.3602
Daily Pivot Point R1	1.3804
Daily Pivot Point R2	1.3843
Daily Pivot Point R3	1.3905

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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