GBPUSD Plunges Below 1.37, Bearish Bias Back On Cards

GBPUSD is plummeting beneath the 1.3700 round number and it touched again the seven-week low of 1.3670 today. The short-term moving averages are pointing all down suggesting more losses, while the technical indicators are extending its bearish movement. The RSI is sloping down in the negative territory, while the MACD is stretching below its trigger and zero lines.

More downside movements could meet the 1.3565 support level, taken from the trough on February 4. Below that, the 1.3520 barrier, registered in January 18 could be next level in focus.

On the opposite side, a potential upside jumps and a rebound off the seven-week low of 1.3670 could touch the 1.3705 resistance ahead of the 23.6% Fibonacci retracement level of the down leg from 1.4235 to 1.3670 at 1.3800, which overlaps with the 40- and 100-period SMAs. Overcoming these obstacles, the 38.2% Fibonacci of 1.3885 could halt bullish moves.

Summarizing, GBPUSD has been in a neutral-to-bearish bias in the short-term with any declines below 1.3670 potentially endorsing the broader negative outlook.