GBP/USD trims losses and climbs to the 1.3850 area

US Dollar lost momentum during the American session, DXY pullback to 92.00.
GBP/USD negative for the day, off lows.

Matías Salord FXStreet

The GBP/USD pair bottomed at 1.3813 and then rebounded, trimming losses. It is trading near the 1.3850 area, still in negative ground for the day but off lows. The recovery of the cable was favored by a pull back of the dollar across the board.

Despite better-than-expected US economic data, the dollar lost strength. The unstable move higher in US yields contributed to the rebound in GBP/USD. The US 10-year yield spiked to 1.51% and then quickly retreat back to 1.48%. The DXY hit weekly highs at 92.20 and now is struggling to hold above 92.00.

GBP/USD outlook

The GBP/USD managed to remain above 1.3800, however it is still under pressure. The area around 1.3800 is a very strong support that if it is firmly broken it could lead to an acceleration of the decline. The next area stands at 1.3660/65 (March and April lows).

A recovery above 1.4020 is needed to change the short-term bias to the upside. Before that level, a strong resistance emerges at 1.3890 and 1.3950.

GBP/USD

Overview
Today last price	1.3849
Today Daily Change	-0.0034
Today Daily Change %	-0.24
Today daily open	1.3883

Trends
Daily SMA20	1.4038
Daily SMA50	1.4034
Daily SMA100	1.3952
Daily SMA200	1.3629

Levels
Previous Daily High	1.394
Previous Daily Low	1.3871
Previous Weekly High	1.4001
Previous Weekly Low	1.3787
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.3914
Daily Fibonacci 61.8%	1.3897
Daily Pivot Point S1	1.3856
Daily Pivot Point S2	1.3829
Daily Pivot Point S3	1.3788
Daily Pivot Point R1	1.3925
Daily Pivot Point R2	1.3967
Daily Pivot Point R3	1.3994

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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