At ‘make or break’ to near 1.3000

The cable is testing the yearly lows at 1.3000.
For further movement in the asset, the momentum oscillator RSI (14) is advocating bears.
The 200-EMA has acted as a major barricade for the pair.

The GBP/USD pair has remained in a bearish trajectory after printing March highs to near 1.3300. The asset has witnessed a sheer fall and is auctioning near the yearly lows at around 1.3000. The asset is at a make-or-break level, however, odds are favoring a break going forward.

On a four-hour scale, the cable is testing the previous major bottom printed on March 14 at 1.3000. It is worth noting that the asset has sensed a textbook kind of resistance from the 200-period Exponential Moving Average (EMA), which is currently placed at 1.3190. The asset is trading below 20-period EMA to near 1.3050, which adds to the downside filters.

The Relative Strength Index (RSI) (14) has been comfortably established in a bearish range of 20.00-40.00, which indicates the upper hand of the might greenback going forward.

A decisive slippage below the previous week’s low at 1.2982 will trigger a bearish setup for the asset. A drop below the previous week’s low will drag the asset towards the 2 November 2020 low at 1.2854, followed by round level support at 1.2800.

On the flip side, cable bulls may regain control if the asset oversteps April 7 high at 1.3106 confidently. This will drive the pair towards the April 4 high at 1.3137. Breach of the latter will send the asset towards the 200-EMA at 1.3190.