Title: GBP/USD Price Analysis: Slides to fresh 37-year low as bears attack 1.1310 support

September 21, 2022 02:55 AM ET

By: AnalysisWatch

The GBP/USD currency pair remains under pressure around its lowest level since 1985 as bears flirt with a short-term support line near 1.1310 ahead of Wednesday's London open.

In addition to the aforementioned support line near 1.1310, the 1.1300 level and the oversold RSI (14) indicator near multi-year lows are also a challenge for GBP/USD bears.

However, the MACD signals and the cable pair's successful reversal from the two-month horizontal barrier, at press time at around 1.1750, keep sellers of the pair hopeful.

Still, the quote's further decline depends on the ability to conquer nearby resistance support and also break the round 1.1300 level.

Subsequently, the 61.8% and 78.6% Fibonacci expansion (FE) of the GBP/USD pair's moves from August 17 to September 13 near 1.1280 and 1.1165, respectively, will be in focus.

Alternatively, a corrective bounce may head towards the 1.1450 and 1.1600 resistances before challenging the aforementioned horizontal barrier around 1.1750.

If GBP/USD buyers maintain control above 1.1750, the swing high from late August near 1.1900 and the psychological magnet of 1.2000 will be in focus.

Overall, GBP/USD remains in the crosshairs of the bears, but the downside appears limited.