- GBP/USD struggles for a clear direction after declining below 100-bar SMA.
- A downside break of a key SMA, bearish MACD keeps sellers hopeful.
- Bulls have multiple upside barriers starting from 1.3105.
GBP/USD seesaws around 1.3090 during the early Monday. The pair slipped below 100-bar SMA during the late-Friday but is yet to break a short-term support line to convince sellers. Though, bearish MACD and a clear break below the key SMA suggest the pair’s weakness.
Hence, bears may look for entries below an upward sloping trend line from July 30, at 1.3055 now, before marking their dominance.
In doing so, 1.3000 and the monthly bottom around 1.2980 could return to the charts ahead of highlighting 1.2915 and July 28 low near 1.2840.
Meanwhile, an upside break of 100-bar SMA, currently around 1.3105, can aim for the early-month top surrounding 1.3185 before confronting March month’s top close to 1.3200.
If at all the bulls remain dominant past-1.3200, the recent high of 1.3265 and December 31, 2019 top near 1.3285 will be on their radars.
GBP/USD four-hour chart
Trend: Pullback expected
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