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5 Aug 2021

GBP/USD Price Analysis: Teases bearish cross below 1.3900 on BOE Super Thursday

  • GBP/USD remains pressured after declining from weekly top.
  • 50-DMA signals decline below 100-DMA amid receding bullish bias of MACD, steady RSI.
  • DMA confluence, two-month-old horizontal area act as strong resistances.
  • Bears could aim for June’s low if welcomed.

After posting the heaviest fall in a week, not to forget reversing from the weekly top, GBP/USD holds lower ground near 1.3885 during Thursday’s Asian session.

The cable pair traders remain cautious ahead of today’s Bank of England (BOE) monetary policy announcements while seeking clues of tapering and rate hikes. However, the Delta covid variant fears challenge the policymakers at the “Old Lady”.

Read: Bank of England Preview: Five reasons the doves are set to win Super Thursday, GBP/USD may dip

In addition to the “Super Thursday” event, an impending bearish cross of 50-DMA to the 100-DMA also tests the GBP/USD traders. It should be noted that steady RSI line and receding bullish MACD histograms tease sellers.

Hence, sustained trading below the weekly bottom surrounding 1.3875 will be required to confirm the bearish DMA pattern and drag the quote towards June’s low of 1.3786.

However, one-month-old horizontal support near 1.3740-20 could restrict the pair’s downside afterward.

Meanwhile, recovery moves will be initially challenged by a convergence of the said Daily Moving Averages (DMAs) around 1.3925 before directing the pair buyers towards 1.3985–4010 broad area comprising multiple levels marked since early May.

If at all the GBP/USD bulls cross 1.4010 on a daily closing basis, backed by hawkish BOE, the 1.4100 threshold will be next on their radar.

GBP/USD: Daily chart

Trend: Further weakness expected

 

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