Pound Sterling Price News and Forecast: GBP/USD holds onto corrective pullback from yearly low

FXStreet Team FXStreet

GBP/USD Price Analysis: Keeps bounce off two-month-old support towards 1.3400

GBP/USD bounces off intraday low to extend the previous day’s U-turn from the 2021 bottom, around 1.3380 during Wednesday’s Asian session. A descending support line from late September triggered the cable pair’s recovery moves on Tuesday.

Technical analysis: Will the GBP/USD price retreat reverse?

The technical analysis of the GBPUSD price chart on a 1-hour timeframe shows GBPUSD: H1 failed to breach the resistance line under the 200-period moving average MA(200) which is falling itself. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.3349.

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