Having reversed from the late October tops, GBPUSD pokes the key support lines around the mid-1.3600s. Given the receding bullish bias of the MACD and RSI retreat, the prices are likely to decline further. However, the UK employment data will be crucial to watch for clear direction. Should the cable pair stays below the stated 1.3650 support, odds of its gradual declines toward the 100-SMA level of 1.3540 and then to the 200-SMA level surrounding 1.3400 can’t be ruled. However, a horizontal line surrounding 61.8% Fibonacci retracement of December-January upside, near 1.3370, will be a tough nut to crack for the pair sellers afterward.
Meanwhile, the 1.3700 and the recent tops around 1.3750 act as nearby resistances to watch during the pair’s fresh advances. Should the quote rises past 1.3750, tops marked during October and September 2021, respectively around 1.3835 and 1.3915, will challenge the GBPUSD buyers ahead of directing them to the July 2021 peak of 1.3982. During the quote’s advances past 1.3982, the 1.4000 threshold will be crucial to watch for further upside.
To sum up, GBPUSD sellers await a clear signal for fresh entries from technical, as well as fundamentals.