GBP/USD Price Analysis: 200-SMA, previous resistance line test pullback above 1.3800
- GBP/USD extends late Friday’s consolidation near two-week top.
- Bullish MACD signals challenge sellers entry, one-month-old resistance line will test fresh buying.
GBP/USD consolidates recent gains around 1.3825 amid Monday’s Asian session. In doing so, the cable sellers jostle with an ascending support line, previous resistance, from April 08 and 200-SMA while staying below a one-month-long resistance line.
Given the bullish MACD and the strength of the 1.3825-20 immediate support confluence, the quote is likely to portray another attempt to cross the key resistance line around 1.3855.
However, a downside break of 1.3820 will not hesitate to break the 1.3800 round-figure, which in turn should direct GBP/USD sellers toward double-bottom around 1.3670. During the fall, the 1.3700 threshold may offer an intermediate halt.
Meanwhile, an upside clearance of 1.3855 immediate hurdle will challenge the monthly top surrounding 1.3920.
Though, any further rise beyond 1.3920 will have to cross the March 19 high near 1.3960 before directing the GBP/USD bulls to the 1.4000 round-figure.
GBP/USD four-hour chart
Trend: Further upside expected
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.
