GBP/USD supported but still vulnerable to selling pressure
GBP/USD slips under 1.3400. Weakening momentum eyes a break below 1.3338. A break above 1.3373 could be the trigger for the next bullish phase.
XM Group
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58 days ago
Overview: GBP/USD has been under pressure since peaking at a one-month high of 1.3450 on Friday. Although the pair has attempted to recover some of its losses, it has struggled to regain the 1.3400 level, keeping the short-term outlook fragile. The 200-SMA and the key 1.3338 support zone maintain a floor under the price, but sellers seem to be in the driver’s seat.
Momentum: The RSI and MACD are weakening in bearish territory, reflecting that sellers remain in control of the market.
Bearish scenario: A break below the 38.2% Fibonacci of 1.3338 could clear the way to 1.3285. The 23.6% Fibo at 1.3262 may next challenge the bears.
Risk: A move above 1.3373 could signal the beginning of a new bullish phase.
XM Group
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