GBP/USD Price Analysis: Refreshes daily lows below 1.3800
- GBP/USD remains muted in the Asian trading hours on Wednesday.
- More downside for pair if price breaks the ascending trendline near 1.3755.
- Momentum oscillator maintains a neutral stance indicates no big price movement.
GBP/USD prints minor losses on Wednesday in the Asian session. After falling nearly 100 pips in the overnight session, from the highs of 1.3913, the pair consolidates losses near the lower levels.
At the time of writing, the GBP/USD pair is trading at 1.3806, down 0.02% for the day.
GBP/USD daily chart
On the daily chart, GBP/USD has recovered from the low made on August 20 at 1.3602 and travelled to touch the 1.3900 mark for the first time in the past month.
Technically speaking, if price breaks the session’s low and the ascending trendline from the mentioned lower level, it could test the 1.3750 horizontal support level.
The Moving Average Convergence Divergence (MACD) indicator trades near the midline. Any downtick in the MACD could bring more selling opportunities.
That said, GBP/USD bears would like to test the low made on September 8 at 1.3726 followed by the 1.3680 horizontal support level.
Alternatively, if price moves higher, GBP/USD bulls would first reclaim the 1.3850 horizontal resistance zone.
On the successful test of the above level, the market participants would be encouraged to recapture Friday’s high of 1.3888 and then move forward to take out the previous day’s high at 1.3913.
GBP/USD additional levels
via FXStreet News https://ift.tt/3tYkUTd
September 14, 2021 at 09:11PM