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2 Aug 2021

GBP/USD Price Analysis: Bears brace for 200-SMA retest

  • GBP/USD remains sidelined after breaking two-week-old rising channel.
  • Two-day-old double-top formation guards immediate upside, channel’s resistance line acts as extra hurdle to the north.
  • Descending Momentum line also strengths bearish hopes towards monthly low.

GBP/USD begins the trading week on lower ground near 1.3900. The cable pair broke a short-term rising channel during the late Friday and teased bears amid a downward sloping Momentum line.

The selling currently aims to retest the 200-SMA support near 1.3835, a break of which could highlight the 1.3770 area comprising multiple levels marked last week.

In a case where GBP/USD bears keep reins below 1.3770, the early July’s low near 1.3730 may offer an intermediate halt during the fall to the previous month’s bottom surrounding 1.3570.

Meanwhile, recovery moves need to stabilize beyond 1.3910 to reject short-term bearish bias.

However, any further upside will be tested by highs marked on Thursday and Friday near 1.3985 and the 1.4000 threshold.

It should be noted that the upper line of the stated channel surrounding 1.4040 also acts as a challenge for GBP/USD buyers.

GBP/USD: Four-hour chart

Trend: Further weakness expected

 

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