FX.co ★ Technical analysis of GBP/USD for April 06, 2022

The daily pivot of GBP/USD pair sets at the price of 1.3145. There was a clear move below the 1.3145 support area. A low was formed near 1.3145 and the pair is now consolidating losses.

If there is a recovery wave, the pair could face resistance near the levels of 1.3145 and 1.3174.

The trend tested the 38.2% weekly Fibonacci retracement (1.3145) zone and the 100 EMA unsuccessfully, while the test of the main psychological area of 1.3109 is outstanding.

The next major resistance is near the 1.3145 level. An unsuccessful close above the 1.3145 resistance might start a steady decrease.

In the stated case, the pair could drop towards the 1.3050 support spot in the near term.

From a purely technical point of view, ongoing losses below about 1.3145 - don't seem likely at the moment.

In the absence of strong fundamental drivers, consolidation over the last few days of 2022 might be a favourable scenario.

The GBP/USD pair might continue to move down below the 1.3145 support zone.

The next key support is near 1.3050 level, below which there is a risk of a move towards the 1.2997 handle.