GBP/USD Price Analysis: Impending bear cross recalls sellers, as 1.3700 caves in again

• GBP/USD returns to the red after rejection just below 1.3750.
• Impending bear cross and RSI sub-50.00 keep the downside bias intact.
• Strong support aligns near the 1.3610 level, the last line of defense for bulls.

GBP/USD is battling 1.3700, having faced rejection just shy of the 1.3750 psychological barrier, earlier on.

The cable is back in the red zone after witnessing a staggering recovery on Monday, as the bulls fail to resist above the 1.3700 round number once again.

As observed on the daily chart, the downward-sloping 50-Daily Moving Average (DMA) is on the verge of breaking below the mildly bearish 21-DMA.

If the 50-DMA successfully breaches the 21-DMA from above, then a bear cross would be materialized, signallng at the further downside.

Therefore, the bulls seem to have turned cautious amid an impending bearish crossover. Meanwhile, the 14-Day Relative Strength Index (RSI) continues to trade below the 50.00 level, backing the downturn in the price.

That said, immediate support is seen at 1.3650, below which a powerful cap emerges around 1.3610, where the previous day’s low and the ascending trendline coincide                       

GBP/USD: Daily chart

Contrarily, daily closing above the daily highs of 1.3747 could negate the bearish momentum in the near term, exposing the horizontal 200-DMA resistance at 1.3796.

Further up, the August 10 low at 1.3827 could offer stiff resistance to the buyers.  

GBP/USD: Additional levels to consider