GBP/USD Price Analysis: Pullback remains elusive beyond 1.3465
|- GBP/USD seesaws near two-month high, inside bearish chart pattern.
- 50-SMA adds strength to the rising wedge’s support around 1.3465.
- Wedge’s resistance, seven-week-old horizontal line guard short-term upside.
- RSI, MACD join sustained trading beyond the key SMA to favor bulls.
GBP/USD keeps the previous day’s pullback from a two-month high of around 1.3530 during the inactive initial Asian session on Wednesday.
The cable pair refreshed the multi-day top the previous day while justifying MACD rebound and firmer RSI line. However, a 12-day-old rising wedge challenges the buyers.
Even so, the sellers may wait for a confirmation of the bearish chart pattern before taking a fresh entry. The 50-SMA level around 1.3465 increases hardships for the bear’s arrival.
In a case where the quote drops below 1.3465, the 200-SMA level near 1.3330 will offer an intermediate halt during the expected south-run targeting December 2021 low of 1.3160.
On the flip side, GBP/USD buyers can aim for the wedge’s resistance line and multi-day-old horizontal hurdle surrounding 1.3610 during further advances.
Following that, November’s high of 1.3697 and October's peak surrounding 1.3835 will be in focus.
GBP/USD: Four-hour chart
Trend: Further upside 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.