GBP/USD Price Analysis: Bears battle key support above 1.4100
- GBP/USD holds lower ground near important support confluence.
- RSI conditions suggest further declines, 100-SMA adds to the downside filters.
- Bulls need to cross weekly resistance line for fresh entries.
GBP/USD remains pressured around 1.4115 amid Thursday’s Asian session. The dropped the previous day but is yet to conquer the 1.4115 support convergence comprising a monthly rising trend line and the weekly support line.
Although bearish MACD signals break of the 1.4115 immediate support, the 1.4100 threshold and 100-SMA around 1.4085 could test the GBP/USD bears afterward.
If at all the sellers keep reins past 1.4085, the return of 1.4000 psychological magnet, portrayed by a three-week-old horizontal line, can’t be ruled out.
On the flip side, the corrective pullback can have multiple hurdles around 1.4150 before the GBP/USD buyers could attack a short-term resistance line close to 1.4200.
It should, however, be noted that sustained trading beyond 1.4200 will help the cable buyers to refresh the monthly top surrounding 1.4235 while targeting February’s peak near 1.4245.
Overall, GBP/USD traders inside a short-term symmetrical triangle and is likely to extend the sideways grind.
GBP/USD four-hour chart
Trend: Corrective pullback 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.
