- GBP/USD fades three-day downtrend, trades choppy above 1.3900 off-late.
- 100-bar SMA adds to the immediate support, 50-bar SMA, weekly resistance line guard further recoveries.
- MACD seems to drop the bearish bias, repeated bounces off short-term support line also favor the bulls.
GBP/USD picks up bids around 1.3930, up 0.06% intraday, amid the initial Asian session on Tuesday. The cable dropped during the previous three days before recently bouncing off a short-term ascending trend line and 100-bar SMA.
The corrective pullback dims bearish MACD signals and hence suggests further upside towards the 1.4000 threshold. However, any further recoveries need to cross the 50-bar SMA level of 1.4025 and a falling trend line from February 24, currently around 1.4075, to convince sterling buyers.
Should GBP/USD prices manage to successfully cross 1.4075, the 1.4100 round-figure and 1.4185 can offer intermediate halts during the run-up to refresh the multi-month tops, marked the previous month, around 1.4245.
Alternatively, a clear downside below the stated support line, near 1.3900, will be challenged by three-week-old horizontal support around 1.3870-65.
Also acting as a downside filter for the GBP/USD pair is February 17 low near 1.3830.
Overall, GBP/USD eyes to regain the upside momentum but immediate hurdles test the bulls.
GBP/USD four-hour chart
additional important levels
|Today last price||1.3926|
|Today Daily Change||4 pips|
|Today Daily Change %||0.03%|
|Today daily open||1.3922|
|Previous Daily High||1.3999|
|Previous Daily Low||1.3904|
|Previous Weekly High||1.4243|
|Previous Weekly Low||1.389|
|Previous Monthly High||1.4243|
|Previous Monthly Low||1.3566|
|Daily Fibonacci 38.2%||1.3941|
|Daily Fibonacci 61.8%||1.3963|
|Daily Pivot Point S1||1.3884|
|Daily Pivot Point S2||1.3846|
|Daily Pivot Point S3||1.3789|
|Daily Pivot Point R1||1.3979|
|Daily Pivot Point R2||1.4037|
|Daily Pivot Point R3||1.4075|
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