GBP/USD Price Analysis: Pound loses 200 pips from March’s highs vs. dollar

 

 

GBP/USD is retracing down from the 1.3200 figure while now challenging the 50 and 100 simple moving averages (SMAs). This Tuesday the pound is down sharply vs. the dollar. 

 

 

GBP/USD is reversing down while challenging the 1.3000 figure and the 200 SMA on the four-hour chart. As the market is losing considerable steam it is likely the sellers will extend the move down towards the 1.2978, 1.2910 and 1.2870 support levels. Bullish attempts could find resistance near the 1.3060 and 1.3126 resistances according to the Technical Confluences Indicator.