GBPUSD Flashes Further Bearish Sign, a Steeper Fall Anticipated Beneath 1.2813 Level

GBPUSD Price Analysis – September 20

The GBPUSD pair delayed the weekly rebound, finishing the day in red at around 1.2915 marks. Slight optimism relating to a post-Brexit trade agreement with the EU offered the Sterling with moderate support earlier in the week. GBPUSD sellers, however, are poised for a steeper fall anticipated beneath the level of 1.2813.

Key Levels
Resistance Levels: 1.3514, 1.3482, 1.3035
Support Levels: 1.2750, 1.2252, 1.1409
GBPUSD Long term Trend: Ranging
The GBPUSD pair’s daily chart indicates that the danger stays tilted to the downside, as the pair continues to grow underneath a marginally bearish moving average of 13, whereas at negative levels, the technical indicators head south.

The growth holds the trend bearish. At a later point, the continuous breach of moving average 5 (now at 1.2917 level) may contribute to medium-long-term bearishness for a new low beneath 1.1409, reopening the downward trend from 2.1161 (high) level.
GBPUSD Short term Trend: Bearish
Technical observations also favor another step lower in the 4-hour chart, as the pair broke beneath both the moving average of 5 and 13 after staying much of the week underneath the horizontal resistance level at 1.3035, as technical indicators entered the negative territory with steep bearish slopes.

Initial bias stays neutral this week and additional fall is still anticipated. A breach of 1.2750 level may restart the decline from 1.3482 to 38.2 percent retracement of 1.1409 to 1.3482 at 1.2641 levels. There might be a decisive fall suggesting that the increase from a level of 1.1409 must be achieved, taking a further fall to a retraction of 61.8 percent at 1.2252 level.

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