GBP/USD Price Analysis: Thursday’s “Hanging Man” tests buyers near 1.3550

GBP/USD keeps bounce off three-week-old support despite posting bearish candlestick the previous day.
Multiple failures to cross 100-DMA, nearly overbought RSI challenges upside momentum.
61.8% Fibonacci Retracement adds to the upside filters, 50-DMA to lure bears after immediate trend line support.

Anil Panchal FXStreet

GBP/USD seesaws around 1.3550, up 0.12% intraday heading into Friday’s London open. In doing so, the cable pair stays firmer around a two-month top despite the previous day’s bearish candlestick formation, namely “Hanging Man”.

While an ascending support line from December 20 favors the corrective pullback, the 100-DMA challenges immediate upside around 1.3560 amid nearly overbought RSI conditions suggesting consolidation of recent gains.

Even if the quote manages to cross the 1.3560 immediate hurdle, 61.8% Fibonacci retracement (Fibo.) of October-December declines, around 1.3575, challenges the GBP/USD buyers before directing them to November 09 swing high close to 1.3610.

Alternatively, a downside break of the stated support line, near 1.3530 by the press time, will drag the quote towards the 50-DMA level of 1.3400, wherein the 50% Fibo. level surrounding 1.3500 may offer an intermediate halt.

During the GBP/USD weakness past 50-DMA, tops marked during late November and mid-December, around 1.3370-75, will be important to watch.

Overall, GBP/USD bulls have multiple hurdles to keep the reins while sellers have brighter scope for entries.

GBP/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.3546
Today Daily Change	0.0016
Today Daily Change %	0.12%
Today daily open	1.353

Trends
Daily SMA20	1.3383
Daily SMA50	1.34
Daily SMA100	1.3557
Daily SMA200	1.3741

Levels
Previous Daily High	1.3565
Previous Daily Low	1.3491
Previous Weekly High	1.355
Previous Weekly Low	1.3393
Previous Monthly High	1.355
Previous Monthly Low	1.3161
Daily Fibonacci 38.2%	1.3519
Daily Fibonacci 61.8%	1.3536
Daily Pivot Point S1	1.3492
Daily Pivot Point S2	1.3454
Daily Pivot Point S3	1.3418
Daily Pivot Point R1	1.3566
Daily Pivot Point R2	1.3603
Daily Pivot Point R3	1.364

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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