GBP/USD Price Analysis: 100-DMA breakout keeps buyers hopeful, BOE eyed

GBP/USD pokes intraday high during the four-day uptrend.
Further gains envisioned on firmer RSI, sustained break of the key moving average.
50-DMA, monthly resistance line probe buyers, bumpy road ahead for bears.

Anil Panchal FXStreet

GBP/USD picks up bids to 1.3965 during the fourth consecutive positive day in Asia. In doing so, the cable pair cheers the previous day’s upside break of 100-day SMA (DMA) amid upbeat RSI conditions. However, bulls are chained ahead of the key monetary policy meeting of the Bank of England (BOE).

Also read: BoE Preview: Cautiously hawkish, hints on tightening?

In addition to the 100-DMA breakout and RSI levels, a successful run-up beyond a horizontal area from early April, around 1.3925-15, strengthens the bullish impulse.

Hence, GBP/USD buyers are well set to battle the 1.4000 threshold while the quote’s further upside will be tested by late April tops near 1.4010.

Also acting as the key upside barriers are 50-day SMA level of 1.4036 and a descending resistance line from June 01 near 1.4070.

Meanwhile, GBP/USD bears will have a tough time on their return as 100-DMA of 1.3950 and the resistance-turned-support area of 1.3925-15 act as near-term strong supports.

Even if the pair breaks the 1.3915 level, 1.3850 and the monthly low near 1.3785 will challenge any further downside.

GBP/USD daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.3967
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.3962

Trends
Daily SMA20	1.4085
Daily SMA50	1.4033
Daily SMA100	1.3947
Daily SMA200	1.3614

Levels
Previous Daily High	1.4001
Previous Daily Low	1.3924
Previous Weekly High	1.4133
Previous Weekly Low	1.3792
Previous Monthly High	1.4234
Previous Monthly Low	1.3801
Daily Fibonacci 38.2%	1.3972
Daily Fibonacci 61.8%	1.3953
Daily Pivot Point S1	1.3924
Daily Pivot Point S2	1.3885
Daily Pivot Point S3	1.3846
Daily Pivot Point R1	1.4001
Daily Pivot Point R2	1.404
Daily Pivot Point R3	1.4078

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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