Technical Analysis: GBPUSD remains vulnerable to refresh 2021 low

Despite defending 1.3170 multiple times since December 09, the GBPUSD pair’s failure to cross a five-week-old ascending trend line, not to forget 200-SMA, keeps sellers hopeful. Adding to the bearish bias are the downbeat MACD conditions. That said, the yearly low of 1.3160 adds to the downside filters, in addition to the 1.3170 multiple bounce point. Should the bears keep reins past 1.3160, the 61.8% Fibonacci Expansion of November 09 to December 16 moves, around 1.3100 will be in focus.

Alternatively, the 200-SMA level surrounding 1.3350 precedes the aforementioned trend line resistance of 1.3380 to challenge short-term GBPUSD rebound. If the pair buyers manage to cross the 1.3380 hurdle, November 18 high and 78.6% Fibonacci retracement level, close to 1.3510, will be on their radar. To sum up, the pair buyers have tried multiple times to retake controls but bears are in a mood to refresh the yearly bottom during the last days of 2021.

Join us on FB and Twitter to stay updated on the latest market events.