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GBP/USD Price Analysis: Bearish Dollar Pressure Exposes a Drop to Near 1.2500

Daniel Rogers

Apr 27, 2022 09:51

The GBP/USD pair has been collapsing like a house of cards since Friday, when it fell below the two-week-old resistance level of 1.2973. The asset has declined by around 3.70 percent during the last four trading sessions and shows no signs of reversal at the moment.

 

On a daily basis, the negative break of the Falling Channel has bolstered the greenback bulls. The chart pattern's top boundary is drawn from the June 2021 highs of 1.4249, while the lower boundary is drawn from the April 2021 low of 1.3669. When the Falling Channel is broken, volume expands and ticks get wider.

 

The 10- and 20-period Exponential Moving Averages (EMAs) are going down at 1.2838 and 1.2945, respectively, adding to the downside filters.

 

Additionally, the Relative Strength Index (RSI) (14) has moved into the negative zone of 20.00-40.00, indicating the possibility of a new downward impulsive wave.

 

Following a colossal decline, a pullback appears imminent. As a result, investors should wait for a fall to reach the 1.2800 round level roadblock before initiating new short positions. Responsive selling at 1.2800 will pull the asset towards the 1.2600 and 1.2500 round level supports, respectively.

 

On the other hand, if the asset surpasses the psychological resistance level of 1.3000, the cable may perform nicely. This will push the pair closer to Thursday's high of 1.3090, and then to a three-week high of 1.3147.

Daily GBP/USD Chart

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