#GBPUSD @ 1.17445 GBPUSD holds onto the previous day’s bearish bias but lacks downside momentum ahead of the key UK data., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• GBPUSD holds onto the previous day’s bearish bias but lacks downside momentum ahead of the key UK data.
• Bearish MACD signals, downside break of the 50-HMA favor sellers.
• Further downside hinges of 1.1650-45 support break, bulls need to cross 1.1800 to retake control.

The pair currently trades last at 1.17445.

The previous day high was 1.1832 while the previous day low was 1.171. The daily 38.2% Fib levels comes at 1.1757, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1786, expected to provide resistance.

GBPUSD remains pressured around 1.1745, struggling to keep the bears hopeful despite extending the previous day’s pullback from an 11-week high, as the Cable pair stays inside a short-term descending triangle bullish chart pattern during early Tuesday in Asia.

That said, a clear downside break of the 50-HMA, around 1.1760 by the press time, directs GBPUSD towards the immediate triangle’s support line, close to 1.1710.

However, the GBPUSD pair’s downside past 1.1710 hinges on a three-week-old horizontal support area near 1.1650-45.

It should be noted that the GBPUSD weakness past 1.1645 might not hesitate to challenge the 1.1490-85 support confluence, comprising the 200-HMA and one-week-old ascending trend line.

Alternatively, an upside clearance of 1.1790 could confirm the bullish chart formation and can favor the GBPUSD buyers to challenge the monthly high surrounding 1.1855.

In the case GBPUSD remains firmer past 1.1855, the late August swing high near 1.1900 may offer an intermediate halt during the run-up towards August month’s peak near 1.2295.

Overall, GBPUSD remains on the buyers’ radar but a short-term pullback towards 1.1645 can’t be ruled out.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1746 at the time of writing. Pair opened at 1.1755 and is trading with a change of -0.08 % .

The pair is trading above its 20 Daily moving average @ 1.1461, above its 50 Daily moving average @ 1.1342 , above its 100 Daily moving average @ 1.1655 and below its 200 Daily moving average @ 1.2257

The previous day high was 1.1832 while the previous day low was 1.171. The daily 38.2% Fib levels comes at 1.1757, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.1786, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.1699, 1.1643, 1.1577
• Pivot resistance is noted at 1.1822, 1.1888, 1.1944

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