GBP/USD Price Analysis: Dives to mid-1.1100s, seems vulnerable near two-week low

GBP/USD Price Analysis: Dives to mid-1.1100s, seems vulnerable near two-week low – by hareshmenghani GBPUSD BOE Technical Analysis Majors Currencies

The sharp intraday fall confirms a bearish breakdown through the 1.1370 confluence support.GBPUSD pair

A convincing breakthrough the 1.1370 confluence support, comprising the lower end of a one-week-old descending channel and the 100-period SMA on the 4-hour chart, was seen as a key trigger for bearish traders. Some follow-through selling below the 200-period SMA and the 1.1200 round figure aggravates the bearish pressure and might have set the stage for a further depreciating move.

The next relevant target to the downside is pegged near the 1.1100 round-figure mark before spot prices eventually drop to the 1.1060 region. The downward trajectory could further get extended to the 1.1000 psychological mark en route to the September monthly low, around the 1.0925 area.

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