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- GBP/USD Price Analysis: Drops back below 200-HMA to refresh intraday bottom
GBP/USD Price Analysis: Drops back below 200-HMA to refresh intraday bottom
- GBP/USD takes offers to refresh intraday low, fails to cheer monthly resistance break.
- Bearish MACD signals, pullback from 200-HMA keeps sellers hopeful.
GBP/USD refreshes intraday low near 1.3240, down 0.16% on a day ahead of Monday’s London open.
In doing so, the cable pair reverses the previous day’s break of a descending trend line from November-end, as well as the 200-HMA. Considering the bearish MACD signals adding strength to the seller’s hopes, the GBP/USD prices are likely to retest the previous resistance line, near 1.3220.
However, any further weakness will be challenged by the weekly support line near 1.3200 and the recently flashed yearly low of 1.3160.
Alternatively, an upside break of the 200-HMA level of 1.3256 should recall the GBP/USD buyers targeting the 1.3300.
However, the monthly top near 1.3350 and late November peak of 1.3370 can test the pair bulls afterward.
To sum up, the pair’s failures to extend the corrective pullback favor sellers to look for fresh yearly low.
GBP/USD: Hourly chart
Trend: Further weakness expected
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