GBP/USD Price Analysis: Struggles between 50-day EMA and multi-day-old support trendline

• GBP/USD clings to modest gains after bouncing off the six-week-old support line.
• 61.8% Fibonacci retracement, monthly resistances line add to the upside barriers.
• April month low can please sellers following support break.

GBP/USD seesaws around 1.2335/40 during the initial Asian session on Tuesday. The pair recently bounced off a multi-day-old support line but stays below 50-day EMA that caps its upside since early last week.

As a result, the latest pullback aims for a 50-day EMA level of 1.2462, a break of which could challenge 61.8% Fibonacci retracement of the pair’s March month fall, near 1.2515.

Though, a slightly downward slopping trend line since April 14, near 1.2640 now, could check the pair’s upside past-1.2515.

On the downside, a daily closing below the said support line, at 1.2280 now, can quickly fetch the quote to April month low of 1.2165.

Additionally, pair’s further declines below 1.2165 will drag it towards 1.2000 and then to March 10 high near 1.1935.

GBP/USD daily chart

Trend: Sideways