GBP/USD Price Analysis: March high of 1.3200 lures the bulls
|- GBP/USD remains positive near the highest since March 09.
- A sustained break of the yearly resistance line, bullish MACD favor the buyers.
- Overbought RSI could play its role if prices slip below 1.3020.
GBP/USD takes the bids near 1.3100 during the early Friday morning in Asia. The Cable crossed a downward sloping trend line from December 31, 2019, the previous day. The same gains support from bullish MACD to challenge the March month’s top.
Although 1.3200 is teasing the bulls, multiple upside barriers, comprising highs marked since 2019-end, could challenge the pair’s further upside between 1.3215 and 1.3285.
Should there be a clear run-up past-1.3285, the yaer 2019 peak near 1.3515 level will become the bulls' favorite.
On the contrary, overbought RSI conditions push the traders to remain cautious if the GBP/USD prices slip below the resistance-turned-support of 1.3020. Though, sellers may wait for a confirmation below 1.3000 while targeting June month’s high of 1.2813.
During the quote’s further weakness past-1.2813, a 200-day SMA level of 1.2706 could flash on the bears’ radars.
GBP/USD daily 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.