GBP/USD grinds lower around the yearly bottom surrounding 1.3320 amid the initial Asian session on Thursday, after declining for consecutive four days. Given the cable pair’s failures to rebound following the downside break of the September 2020 high, coupled with the bearish MACD signals, sellers are likely to keep the reins. However, a convergence of the 100-week SMA and a descending trend line from late July, around 1.3290-75 appears a major challenge for the pair bears. Even if the quote drops past 1.3275, the 200-week SMA and 38.2% Fibonacci retracement (Fibo.) of March 2020 to June 2021 upside, near 1.3165-60, ... (full story)