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

Today last price 1.1538
Today Daily Change -85 pips
Today Daily Change % -0.73%
Today daily open 1.1623
Daily SMA20 1.2587
Daily SMA50 1.2843
Daily SMA100 1.293
Daily SMA200 1.2686
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



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