GBP/USD Price Analysis: Bears battle key support above 1.4100
|- GBP/USD holds lower ground near important support confluence.
- RSI conditions suggest further declines, 100-SMA adds to the downside filters.
- Bulls need to cross weekly resistance line for fresh entries.
GBP/USD remains pressured around 1.4115 amid Thursday’s Asian session. The dropped the previous day but is yet to conquer the 1.4115 support convergence comprising a monthly rising trend line and the weekly support line.
Although bearish MACD signals break of the 1.4115 immediate support, the 1.4100 threshold and 100-SMA around 1.4085 could test the GBP/USD bears afterward.
If at all the sellers keep reins past 1.4085, the return of 1.4000 psychological magnet, portrayed by a three-week-old horizontal line, can’t be ruled out.
On the flip side, the corrective pullback can have multiple hurdles around 1.4150 before the GBP/USD buyers could attack a short-term resistance line close to 1.4200.
It should, however, be noted that sustained trading beyond 1.4200 will help the cable buyers to refresh the monthly top surrounding 1.4235 while targeting February’s peak near 1.4245.
Overall, GBP/USD traders inside a short-term symmetrical triangle and is likely to extend the sideways grind.
GBP/USD four-hour chart
Trend: Corrective pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.