A corrective pullback on Friday failed to lift GBPUSD beyond 50-DMA, not to forget a fortnight-old descending trend line. However, nearly oversold RSI conditions can challenge the cable pair’s sellers until breaking the 23.6% Fibonacci retracement (Fibo.) of September-December 2021 downside, near 1.3330. Should the quote remains weak past 1.3330, the 1.3280 level may offer an intermediate halt before dragging the quote towards the year 2021 bottom surrounding 1.3160.
Alternatively, the 50-DMA and aforementioned immediate resistance line, respectively around 1.3415 and 1.3450, guard the GBPUSD pair’s short-term rebound. Also acting as a nearby important resistance is the 100-DMA level of 1.3525. It should be noted, however, that the quote’s trading above 1.3525 will propel the quote’s run-up towards the 61.8% Fibo. level near 1.3625-30. That said, the 200-DMA level of 1.3720 acts as a last line of defense for the bears before the October 2021 peak surrounding 1.3835.