GBPUSD Trends With Restrained Downside Potential Beyond the Level at 1.3190

GBPUSD Trends With Restrained Downside Potential Beyond the Level at 1.3190

GBPUSD Price Analysis -September 6

At the end of the prior week, the GBPUSD pair bottomed at 1.3175 level, moving ahead to end the day little changed at 1.3280 level. The GBPUSD was hit by a lower than expected August Construction PMI during European trading hours, resulting from 58.1 in July at 54.6 for August.

Key Levels
Resistance Levels: 1.4376, 1.3514, 1.3482
Support Levels: 1.3190, 1.2982, 1.2813
GBPUSD Long term Trend: Bullish
In general markets, GBPUSD has been a fairly risk-sensitive currency in the red. Looking at the chart the price jumped back beyond 1.3300 level recently. In the wider sense, the initial emphasis remains on a resistance level of 1.3514.

The decisive split there should at least indicate bottoming at 1.1409 level on a medium to long term. Yet another increase to 1.4376 resistance level might be seen initially. While rejection by level 1.3514 may maintain bearishness at a later phase for restarting the downward trend from the level 2.1161 (high).
GBPUSD Short term Trend: Ranging
The pair trades beyond the near-term horizontal resistance level at 1.3267 and the MA 5 but underneath a bearish MA 13 in the shorter-term and according to the 4-hour chart, as technical indicators improved from over-sold readings suggesting reduced selling interest. A fall underneath the 1.3190 support level may increase the likelihood of a steeper drop.

On the upside, breach of level 1.3482 may restart the entire rise from level 1.1409 to the main resistance level 1.3514 next. Even so, breach of level 1.3005 may imply short-term topping and initial rejection by level 1.3514.

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