Bulls & Bears Traders

GBP/USD stays pressured below 1.3700 as MACD teases bears;

GBP/USD remains depressed around a fortnight low, despite refraining to break Friday’s low surrounding 1.3670. In doing so, the cable pair keeps the previous day’s downside break of 50-DMA, as well as 50% Fibonacci retracement of July-September downside, during the initial Asian session on Monday.

In addition to the 50-DMA break, a clear south-run past an ascending trend line from late September and MACD conditions also keep the sellers’ hopeful.

Hence, the quote’s further weakness towards early October levels surrounding 1.3650 becomes imminent. However, August month’s low around 1.3600 round figure and the mid-October’s swing bottom near 1.3570 may challenge GBP/USD bears afterward.

Should the quote drop past 1.3570, 23.6% Fibonacci level near 1.3545 will be in the spotlight.

Meanwhile, 50% Fibonacci retracement level and 50-DMA, respectively around 1.3700 and 1.3715, question the GBP/USD pair’s corrective pullback.

Following that, 61.8% Fibonacci level and the support-turned-resistance line, 1.3765 and 1.3825 in that order, will precede the last month’s peak of 1.3833 to stop the buyers.

To sum up, GBP/USD bears tighten the grips after Friday’s firmer signal towards the south.

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Technical analysis is a trading discipline employed to evaluate investments and identify trading opportunities in price trends and patterns seen on charts. Technical analysts believe past trading activity and price changes of a security can be valuable indicators of the security's future price movements.