GBP/USD Price Analysis: Bulls on the move for seventh week, eyes 2018 peak ahead of UK jobs
|- GBP/USD picks up towards refreshing the highest levels since April 2018.
- Sustained trading beyond the key horizontal area, ascending trend line amid bullish MACD favor buyers.
- The 1.4000 threshold, early-month top guards immediate downside.
GBP/USD remains on the front foot for the seventh consecutive week, currently up 0.10% intraday to 1.4075, during Tuesday’s Asian session. In doing so, the bulls attack the highest levels since April 2018, flashed the previous day, ahead of the UK employment report for January.
While the forecasts suggest improvement in the UK jobs report, any disappointment can’t be ruled out as this includes the lockdown period.
It’s worth mentioning that the cable bulls have gained a pass to the 2018 top ever since they crossed a horizontal area comprising multiple highs marked since May 2018.
Also adding to the upside momentum could be the bullish MACD and an upward sloping trend line from March 2020.
Hence, the GBP/USD has fewer hurdles to the north, barring the February 2018 peak near 1.4150, before the quote attack three-year top near 1.4375.
Meanwhile, pullback moves can eye the 1.4000 threshold but January tops near 1.3750 can challenge the GBP/USD sellers.
Even if the sterling bears manage to conquer the 1.3750 support, they will have a tough time before clearing the key support near 1.3550 and the started horizontal zone near 1.3490-1.3515.
GBP/USD weekly chart
Trend: Bullish
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.