Technical Analysis: GBPUSD renews bearish move, 1.3500 lures intraday sellers

GBPUSD retreats below 50-EMA during early Monday as the market’s risk-off mood favors the USD bulls. In addition to the sour sentiment and failures to cross 50-EMA, a six-week-old horizontal area and a descending resistance line from September 14, respectively around 1.3610 and 1.3635 levels, will challenge the GBPUSD buyers amid bearish MACD and steady RSI. Even if the quote manages to cross the 1.3635 hurdle, the 1.3745-50 region comprising late September’s swing high could mark one last attempt to challenge the bulls.

Meanwhile, the 1.3500 mark acts as immediate support to watch during the quote’s further weakness. Following that, 1.3480 and the latest low surrounding 1.3410 should entertain GBPUSD bears. In a case where the quote refrains from bouncing off the 1.3400 psychological magnet, it becomes vulnerable to retest late 2020 levels below the 1.3200 threshold. Overall, GBPUSD sellers keep the reins unless the cable crosses the 1.3750 resistance.

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