GBP/USD to suffer additional losses in case 1.3530 turns into resistance

GBP/USD has started the new week under bearish pressure. The pair closes in on the key 1.3530 support, removal of which would allow further losses.

Pound looks vulnerable 

“On the downside, 1.3530 (Fibonacci 38.2% retracement of the one-month-old uptrend) aligns as the first support. In case this level turns into resistance, cable could target 1.3500 (psychological level) and 1.3460 (200-period SMA).” 

“Strong resistance seems to have formed at 1.3600 (fibonacci 23.6% retracement, 100-period SMA). A daily close above that level could be taken as a bullish sign and open the door for a more decisive rebound toward 1.3640 (50-period SMA).”