Title: GBP/USD Price Analysis: Retreats towards 1.1800 but bears have a bumpy road ahead

August 26, 2022 01:10 AM ET

By: AnalysisWatch

The GBP/USD pair has regained its intraday low around 1.1810 as sellers attempt to outperform ahead of key data/events in Europe early Friday morning.

Given the descending RSI conditions, the quote is likely to fall further towards the declared triangle support line near 1.1800.

The resistance line turned support line from August 17 near 1.1765, however, could serve as an additional bearish filter for GBP/USD sellers.

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

On the other hand, recovery moves need to cross the triangle resistance line at 1.1860 at press time to convince GBP/USD buyers.

Even if trading above 1.1860, the 200-HMA level around 1.1900 could test the bullish momentum.

If the pair breaks through the 1.1900 barrier, a two-week resistance line near 1.1935 could become the bears' last defense.