#GBPUSD @ 1.24482 holds lower grounds after breaking key supports and snapping two-week uptrend., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• GBP/USD holds lower grounds after breaking key supports and snapping two-week uptrend.
• Bearish MACD signals, steady RSI line keeps Cable bears hopeful.
• 50-DMA can prod the Pound Sterling sellers before horizontal area comprising levels marked since late March.
• 21-DMA adds strength to 1.2510 immediate resistance, bulls need validation from 1.2600 to retake control.

The pair currently trades last at 1.24482.

The previous day high was 1.2541 while the previous day low was 1.244. The daily 38.2% Fib levels comes at 1.2479, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2502, expected to provide resistance.

GBP/USD remains pressured around mid-1.2400s during early Monday, after posting the biggest weekly loss since late January in the last. In doing so, the Cable pair remains on the bear’s radar as it stays below the key support lines, now resistances, amid an absence of price-positive oscillators.

That said, bearish signals from the MACD and a steady RSI (14) allow the Cable bears to extend the previous week’s downside break of the key support lines stretched from March. Also keeping the GBP/USD bears hopeful is the quote’s sustained trading below the 21-DMA.

With this, the Pound Sterling appears well-set to decline further toward the 50-DMA support of near 1.2375.

However, a horizontal area comprising multiple levels marked since late March, around 1.2340, appears a tough nut to crack for the GBP/USD bears afterward, which if broken won’t hesitate to drag the quote towards the 1.2200 support comprising early March high and late March low.

On the contrary, a convergence of the 21-DMA and an upward-sloping trend line from March 24, around 1.2510 at the latest, restricts immediate recovery of the GBP/USD pair.

Following that, a two-month-old support-turned-resistance line near 1.2600 will be the key as a break of which could allow the Pound Sterling bulls to retake control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.2448 at the time of writing. Pair opened at 1.2449 and is trading with a change of -0.01% % .

The pair is trading below its 20 Daily moving average @ 1.2506, above its 50 Daily moving average @ 1.2357 , above its 100 Daily moving average @ 1.2249 and above its 200 Daily moving average @ 1.196

The previous day high was 1.2541 while the previous day low was 1.244. The daily 38.2% Fib levels comes at 1.2479, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.2502, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.2413, 1.2376, 1.2312
• Pivot resistance is noted at 1.2513, 1.2577, 1.2614

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