• GBP/USD struggles to sustain the upside breakout of the key Fibonacci retracement level.
• Bearish MACD signals join sustained trade below previously important support to keep sellers hopeful.
• The February double tops look hard to break for buyers.

GBP/USD is hovering around 1.3415-20 in Tuesday’s early Asian session, after briefly dipping below crucial support the day before.

In addition to the Wired pair’s latest struggle to sustain the bounce, the bearish MACD signals the clean break of previously important support lines and the moving averages also favor sellers.

However, a daily close below the 61.8% Fibonacci retracement (Fibo.) of the December-January rise around 1.3385 will target the February low near 1.3275, with 1.3300 acting probably as a buffer.

In a case where GBP/USD remains weak below 1.3275, the late 2021 low near 1.3160 ​​will be in focus.

On the contrary, buyers might be interested if the latest rally moves cross the 50% Fibo. level around 1.3455.

Even so, the 100-DMA and December support-turned-resistance line around 1.3500 and 1.3510 respectively will challenge GBP/USD bulls.

Note that the double tops marked in February, around 1.3640-45, become a crucial resistance.

GBP/USD: daily chart

Trend: expected decline