#GBPUSD @ 1.18042 -imp levels: takes offers to renew intraday low, stays inside two-day-old symmetrical triangle.

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• GBP/USD takes offers to renew intraday low, stays inside two-day-old symmetrical triangle.
• Clear upside break of one-week-old descending trend line keeps buyers hopeful, RSI conditions test upside bias.
• 200-HMA, fortnight-long resistance line challenge bulls, 1.1740 may act as additional downside filters.

The pair currently trades last at 1.18042.

The previous day high was 1.1864 while the previous day low was 1.1784. The daily 38.2% Fib levels comes at 1.1834, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1815, expected to provide resistance.

GBP/USD renews intraday low around 1.1810 sellers try to excel ahead of the key data/events during early Friday morning in Europe. In doing so, the Cable pair remains inside a one-week-old triangle.

Given the descending RSI conditions, the quote is likely to decline further towards the stated triangle’s support line, near 1.1800.

However, the resistance-turned-support line from August 17, close to 1.1765, could act as the additional downside filter for the GBP/USD sellers.

It should be noted that the multiple supports around 1.1740 and the latest bottom around 1.1710, as well as the 1.1700 threshold, might as well as challenge the cable bears.

Alternatively, recovery moves need to cross the triangle’s resistance line, at 1.1860 by the press time, to convince GBP/USD buyers.

Even if the quote rises past 1.1860, the 200-HMA level surrounding 1.1900 could test the upside momentum.

Should the pair crosses the 1.1900 hurdle, a two-week-long resistance line near 1.1935 might become the last defense of bears.

Trend: Further weakness

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1809 at the time of writing. Pair opened at 1.1832 and is trading with a change of -0.19% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.2044, 50 SMA 1.2059, 100 SMA @ 1.2318 and 200 SMA @ 1.2843.

The previous day high was 1.1864 while the previous day low was 1.1784. The daily 38.2% Fib levels comes at 1.1834, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1815, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1789, 1.1746, 1.1709
• Pivot resistance is noted at 1.187, 1.1908, 1.1951

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