GBP/USD Price Analysis: Under pressure below weekly falling trendline


  • GBP/USD fails to hold onto recovery gains beyond the short-term resistance line.
  • The monthly low is in the spotlight, 61.8% Fibonacci retracement acts as the key resistance.
  • The bears dominate amid US dollar strength, nearly oversold RSI conditions can challenge the sellers.

With the broad US dollar strength in place, GBP/USD drops 0.60% to 1.1550 during Monday’s Asian session.

In doing so, the Cable pair extends its U-turn from the one-week-old falling trend line, which in turn signals the revisit to the monthly low near 1.1410.

Should there be a further downside past-1.1410, also breaking below 1.1400 round-figure, the bears might extend the journey towards 1.1100 area.

However, nearly oversold RSI conditions seem to challenge the bears and hence buyers can take entry on the break of the trend line resistance, currently near 1.1885.

As a result, 1.2000 and 61.8% Fibonacci retracement of March 09-19 fall, near 1.2517 will gain the market’s attention.

GBP/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.1538
Today Daily Change -85 pips
Today Daily Change % -0.73%
Today daily open 1.1623
 
Trends
Daily SMA20 1.2587
Daily SMA50 1.2843
Daily SMA100 1.293
Daily SMA200 1.2686
 
Levels
Previous Daily High 1.1935
Previous Daily Low 1.1412
Previous Weekly High 1.24
Previous Weekly Low 1.1412
Previous Monthly High 1.3204
Previous Monthly Low 1.2726
Daily Fibonacci 38.2% 1.1735
Daily Fibonacci 61.8% 1.1612
Daily Pivot Point S1 1.1378
Daily Pivot Point S2 1.1133
Daily Pivot Point S3 1.0855
Daily Pivot Point R1 1.1901
Daily Pivot Point R2 1.218
Daily Pivot Point R3 1.2424

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD extends sideways grind around 1.1650 after mixed US data

EUR/USD is struggling to find direction on Thursday and continues to fluctuate in a relatively tight range around mid-1.1600s. Mixed data releases from the US don't seem to be having a noticeable impact on the greenback's performance against its major rivals.

EUR/USD News

GBP/USD struggles to pull away from 1.3800

GBP/USD retraced a portion of Wednesday's during the European trading hours pressured by the renewed USD strength and the souring market mood. With the latest US data failing to trigger a reaction, the pair stays in a consolidation phase near 1.3800.

GBP/USD News

XAU/USD struggles for direction, flat-lined above $1,780 level

The risk-off impulse in the markets extended some support to the safe-haven gold. Elevated US bond yields, a modest USD strength capped the upside for the metal. Bulls need to wait for a move beyond the $1,800 mark before placing fresh bets.

Gold News

Buying Solana now to gain 700% profits by 2022

Solana price has been on a massive run-up in 2021 from $1 to $216 in roughly eight months. This stellar climb is likely to continue into 2022 as significant bullish signs emerge. Moreover, the start of a new bull run will serve as a tailwind for SOL.

Read more

Netflix: Three reasons to sell NFLX after earnings

NFLX has been strong into earnings as investors digested the massive success of Squid Game and hoped this would feed through into very strong subscriber numbers. Netflix was out straight after the bell with earnings.

Read more

Forex MAJORS

Cryptocurrencies

Signatures