GBP/USD Falls Back Under Pressure as Sellers Tighten Their Grip

Key Highlights

• GBP/USD started a fresh decline from the 1.3550 resistance zone.
• It traded below a bullish trend line with support at 1.3435 on the 4-hour chart.
• Bitcoin could aim for an upside break if it clears $66,500.
• USD/JPY seems to be aiming for more gains above 164.00.

GBP/USD Technical Analysis

The British Pound failed to clear 1.3550 and trimmed gains against the US Dollar. GBP/USD started a fresh decline below 1.3500 and 1.3450.

Looking at the 4-hour chart, the pair settled below 1.3400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a drop below the 50% Fib retracement level of the upward move from the 1.3140 swing low to the 1.3555 high.

Besides, the pair traded below a bullish trend line with support at 1.3435. If the bears remain in action, they could aim for a test of the 76.4% Fib retracement level at 1.3238.

The next major support could be near 1.3220. The main support might be 1.3200. A downside break and close below 1.3200 might send the pair toward 1.3050. Any more losses could open the doors for a test of 1.3000.

On the upside, the pair could face resistance near 1.3350. The next major resistance might be 1.3400 and the 100 simple moving average (red, 4-hour). A close above 1.3400 could start another steady increase. In the stated case, the bulls could aim for a move to 1.3450. Any more gains might open the doors for a test of 1.3550.

Looking at Bitcoin, the price is slowly attempting a recovery wave, and if it settles above $66,500, there could be more gains.

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