GBP/USD loses grip on key support – Société Générale

Source Fxstreet

GBP/USD has slipped below key technical levels, breaking an ascending trend line and falling under its 50-day moving average, signaling fading bullish momentum. With the daily MACD turning negative, a failure to reclaim 1.3500 could open the way for a deeper slide toward 1.3250 and even the May low at 1.3130, Société Générale's FX analysts note.

Sterling risks deeper drop below 1.35

"GBP/USD has experienced a steady pullback after encountering strong resistance near 1.3785 earlier this month. It has fallen below the 50-DMA and breached an ascending trend line since January, signaling weakening upward momentum."

"This is also highlighted by the daily MACD, which has shown negative divergence and has now moved into negative territory. Failure to reclaim the MA at 1.3500 may lead to a deeper decline. The next objectives could be located at the projection at 1.3250 and the May low of 1.3130."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Ripple’s $21 Trillion Dream: What Capturing 20% Of SWIFT Volume Means For XRPRipple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
Author  NewsBTC
7 Month 14 Day Mon
Ripple Labs, a crypto payments company, continues to set its ambitions and those of XRP higher than ever as it edges closer to disrupting the global financial messaging giant SWIFT. After Ripple CEO
placeholder
Bitcoin Profit-Taking Spikes Without Price Drop – Strong Demand Or Delayed Reaction?Bitcoin’s (BTC) on-chain activity has accelerated over the past few days, with the leading cryptocurrency by market cap hitting successive new all-time highs (ATHs). As a result, several metrics
Author  NewsBTC
9 hours ago
Bitcoin’s (BTC) on-chain activity has accelerated over the past few days, with the leading cryptocurrency by market cap hitting successive new all-time highs (ATHs). As a result, several metrics
placeholder
XRP Price Eyes Fresh Gains: Traders Bullish After Momentum SpikeXRP price started a fresh increase and traded above the $3.00 zone. The price is now correcting gains and might find bids near the $2.840 support zone. XRP price started a fresh increase above the
Author  NewsBTC
9 hours ago
XRP price started a fresh increase and traded above the $3.00 zone. The price is now correcting gains and might find bids near the $2.840 support zone. XRP price started a fresh increase above the
placeholder
EUR/USD rebounds from 1.1600 despite market caution ahead of US PPI dataEUR/USD halts its five-day losing streak, trading around 1.1610 during the Asian hours on Wednesday. The pair appreciates despite the stable US Dollar (USD), driven by traders’ caution ahead of the upcoming US Producer Price Index (PPI) later on Wednesday.
Author  FXStreet
9 hours ago
EUR/USD halts its five-day losing streak, trading around 1.1610 during the Asian hours on Wednesday. The pair appreciates despite the stable US Dollar (USD), driven by traders’ caution ahead of the upcoming US Producer Price Index (PPI) later on Wednesday.
placeholder
Gold price advances to $3,335 area; lacks bullish conviction amid reduced Fed rate cut betsGold price (XAU/USD) edges higher during the Asian session on Wednesday and reverses a part of the overnight downfall to a multi-day low, though it lacks follow-through buying.
Author  FXStreet
9 hours ago
Gold price (XAU/USD) edges higher during the Asian session on Wednesday and reverses a part of the overnight downfall to a multi-day low, though it lacks follow-through buying.
Related Instrument
goTop
quote