Home›Forex›Major Pairs›GBP/USD slides below key moving averages as bears targ…

GBP/USD slides below key moving averages as bears target 1.3200

The pair dropped below 1.3500 and 1.3450, with a break of 1.3200 potentially pushing it toward 1.3050 and 1.3000.

Reported · Written up by our desk · Major Pairs

The British pound fell against the US dollar, trimming earlier gains after failing to clear the 1.3550 resistance area. According to Action Forex, GBP/USD started a fresh decline below 1.3500 and 1.3450, and it later settled under 1.3400.

On the 4-hour chart, the pair is trading below the 100 simple moving average and the 200 simple moving average, and it also moved under the 50% Fibonacci retracement of the advance from 1.3140 to 1.3555. Action Forex cited support around 1.3435 from a bullish trend line, with further downside levels pegged at 1.3238 and 1.3220.

If selling pressure persists, Action Forex said a downside break and close below 1.3200 could send GBP/USD toward 1.3050, with additional losses potentially opening the door to a test near 1.3000. On the upside, the article flagged resistance levels around 1.3350 and 1.3400, noting a close above 1.3400 could revive gains toward 1.3450 and 1.3550.

Latest closeGBP/USD 1.329 ▼0.2%

More like this

Sources