#GBPUSD @ 1.12079 sellers poke three-week-old support line after reversing from multi-day-old resistance., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• GBP/USD sellers poke three-week-old support line after reversing from multi-day-old resistance.
• Ascending trend line from late September, 21-DMA adds to the downside filters.
• Buyers need validation from 50-DMA to retake control.
• Steady oscillators, pullback from key hurdle favor sellers.

The pair currently trades last at 1.12079.

The previous day high was 1.1411 while the previous day low was 1.1256. The daily 38.2% Fib levels comes at 1.1315, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1352, expected to provide resistance.

GBP/USD holds lower ground near 1.1220, fading the bounce off 1.1185 after a two-day downtrend. In doing so, the cable pair flirts with a short-term key support line during Thursday’s Asian session after taking a U-turn from the two-month-old resistance line earlier in the week.

In addition to the immediate support of 1.1220, an upward-sloping trend line from September 29, around 1.1155, will precede the 21-DMA level near 1.1130 to also challenge the short-term downside of the Cable pair.

It should, however, be noted that the quote’s weakness past 1.1130 will direct it toward the monthly low of 1.0923 which acts as the last defense of the GBP/USD buyers.

In a case where the Cable pair renews the monthly low, 1.0650 and the recently flashed record low of 1.0339 will be in focus.

Alternatively, a descending resistance line from late August, around 1.1345, restricts the GBP/USD pair’s nearby upside.

Following that, the 50-DMA level surrounding 1.1445 will challenge the buyers before directing them to the monthly high of 1.1495. Also acting as the upside filter is the 1.1500.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1218 at the time of writing. Pair opened at 1.1318 and is trading with a change of -0.88% % .

The pair is trading above its 20 Daily moving average @ 1.1132, below its 50 Daily moving average @ 1.1485 , below its 100 Daily moving average @ 1.1822 and below its 200 Daily moving average @ 1.2455

The previous day high was 1.1411 while the previous day low was 1.1256. The daily 38.2% Fib levels comes at 1.1315, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1352, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1246, 1.1173, 1.1091
• Pivot resistance is noted at 1.1401, 1.1483, 1.1556

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