Pound Sterling Price News and Forecast: GBP/USD bounces off one-week low, struggles within short-term SMAs

FXStreet Team FXStreet

GBP/USD Price Analysis: Bounces off one-week low, struggles within short-term SMAs

Despite bouncing off one-week low, GBP/USD remains within 10-day and 21-day SMA area while taking rounds to 1.2238, up 0.05%, amid the Asian session on Tuesday. While the pair’s latest pullback from 21-day SMA propels it towards a 10-day SMA level of 1.2290, 50% Fibonacci retracement of the previous month’s drop as well as a four-week-old falling trend line, respectively near 1.2305 and 1.2355, could challenge the buyers.

Should there be a clear run-up past-1.2355, the pair buyers will target 61.8% Fibonacci retracement level of 1.2520. Alternatively, a daily close below 21-day SMA level of 1.2180 will gradually drag the quote towards 1.20000 mark ahead of highlighting March 20 top near 1.1935.

GBP/USD Asia Price Forecast: Pound and UK PM Johnson go down, cable trades sub-1.2300 figure

After hitting 1985 lows in March, GBP/USD bounced up sharply while the spot remains below the main daily simple moving averages (SMAs). UK PM Johnson is allegedly in intensive care.

GBP/USD is consolidating gains stemming from the March lows while trading below the 1.2300 figure and the 50/200 SMAs on the four-hour chart. Bears want a break below the 1.2200/1.2100 support zone to target the 1.1900 figure to the downside while bulls will try to break the 1.2300 level en route to the 1.2350/1.2450 resistance zone.

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