GBP/USD: Technical outlook favors bears while below 1.3430

GBP/USD has reversed its direction following Wednesday's rebound. As FXStreet’s Eren Sengezer notes, the near-term technical outlook points to a slightly bearish bias.

Buyers are struggling to retain control of the action 

“The static resistance that seems to have formed at 1.3430 stays intact and buyers are unlikely to show interest in the pair unless it manages to flip that level into support.”

“On the downside, interim support is located at 1.3350 ahead of 1.3300 (psychological level) and 1.3270 (static level). A daily close below the latter could be taken as a strong bearish sign and open the door for an extended slide toward 1.3200 (psychological level).”

“On the flip side, 1.3450 (50-period SMA on the four-hour chart) and 1.3500 (psychological level, 100-period SMA, 200-period SMA) align as next hurdles above 1.3430.”