GBP/USD Price Analysis: Bears firming up grip below 21-day SMA

• GBP/USD consolidates recent losses in a range between 1.3270 and 1.3315.
• Daily closing below 21-day SMA, bearish MACD favor sellers.
• Seven-week-old ascending trend line adds to the upside barrier.

GBP/USD battles 1.3300 in a recent upswing from 1.3288 during Friday’s initial Asian session. The sterling marked the heaviest losses in one month the previous day amid Brexit woes.

The stated downside momentum flashed the first daily closing below 21-day SMA since early November amid bearish MACD signals.

With this, the GBP/USD sellers are eyeing the October high near 1.3175 with the weekly bottom near 1.3225 acting as immediate support. However, an upward sloping trend line from June 29, at 1.3058 now, becomes the key to watch below 1.3175.

On the contrary, an upside break of 21-day SMA, currently around 1.3335, can’t convince the GBP/USD bulls as an ascending trend line from October 21, near 1.3510, becomes a tough nut to crack.

Also acting as the upside hurdles are the September high of 1.3482 and the monthly peak near 1.3540.

GBP/USD daily chart

Trend: Further weakness expected