November 08,2022 01:34 AM ET
By:AnalysisWatch
GBPUSD prints its first daily loss in three around 1.1485 in early Tuesday morning London trading. In doing so, the cable pair addresses a bearish resistance line from October 27.
Given the RSI pullback supporting the latest price weakness, the bears are likely to hold the reins for a while.
Consequently, the convergence of the 100-SMA and a one-week support line near 1.1410 attracts market attention. Also acting as a filter to the downside is the round figure of 1.1400.
In the event that the GBPUSD price falls below 1.1400, the 50% and 61.8% Fibonacci retracements of the pair's October 12-26 rally, respectively, near 1.1285 and 1.1200, could challenge the bears.
It is worth noting that an uptrend line from October 13, near 1.1190, appears to be the last line of defense for GBPUSD bulls.
On the other hand, an upside break above the indicated resistance line near 1.1535 at the time of writing has multiple hurdles near 1.1570, 1.1630, and 1.1650 that could challenge GBPUSD buyers.
Above all, the price remains on the bears' radar unless it crosses the September high of 1.1738.
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